Singapore’s state-owned investment company mulls sale of stake in PT Chandra Asri Petrochemical

13-Aug-11

Temasek Holdings, Singapore’s state-owned investment company, is considering selling 22.9% stake held by it in Indonesia’s PT Chandra Asri Petrochemical, as per Bloomberg. Buzz is alive that Thailand’s Siam Cement Pcl and PTT Chemical Pcl are among companies that could have expressed interest in buying Temasek’s holding. The stake is valued at about 2.2 trillion rupiah (US$307 mln) based on Chandra Asri’s market capitalization. The merger of PT Chandra Asri and PT Tri Polyta Indonesia Tbk led to the formation of Chandra Asri Petrochemical this year. Temasek owns shares through its Apleton Investment Ltd. unit and has held a minority stake in Chandra Asri since 2006. Jakarta-based PT Barito Pacific owns 71.9% of the stock.