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NEWS UPDATES Asean Affairs                    21  September 2011

SCG buys stake in Indo company

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Siam Cement Group (SCG) of Thailand plans to buy a 30 percent stake in PT Chandra Asri Petrochemical Tbk (CAP), Indonesia's leading integrated petrochemical company, for 13.5 billion baht as part of its Southeast Asian expansion drive.

The country's top industrial conglomerate told the Stock Exchange of Thailand that its wholly owned SCG Chemicals unit had entered into separate share purchase agreements to acquire 23 percent of CAP from Apleton Investments Ltd, a wholly owned subsidiary of Singapore-based Temasek Holdings (Pte) Ltd, and another 7 percent from PT Barito Pacific Tbk (Barito).

The total transaction is valued at 4,088 rupiah per share.

On completion of the deal, which is expected late next week, SCG Chemicals will own 30 percent of CAP, while Barito will remain the controlling shareholder.

CAP is Indonesia's leading integrated petrochemical complex operator, with sales of US$1.86 billion last year.

Its complex in Cilegon, a coastal industrial city in Banten province on Java, has annual capacity of 600,000 tonnes of ethylene, 320,000 tonnes each of propylene and polyethylene, 480,000 tonnes of polypropylene and 340,000 tonnes of styrene monomer.

"With its attractive demographics, high growth potential and ample untapped demand, SCG sees Indonesia as a strategic country in Asean," said Kan Trakulhoon, SCG's president and chief executive.

"This investment offers a unique opportunity for SCG to participate in Indonesia's leading petrochemical franchise. It represents its largest international investment to date as well as an optimal combination of partners that complement each other. We believe our new partnership with Barito will afford CAP significant growth potential through cracker expansion.

"We will also evaluate attractive opportunities beyond the existing petrochemical complex together with Barito. This investment represents an important step to becoming a leading petrochemical player in Asean."

SCG has expanded aggressively in Southeast Asia, partly through mergers and acquisitions.

Recently, it paid 6.5 billion baht for an Indonesian ceramics maker and distributor and increased its five-year investment budget through 2016 by 50% to 150 billion baht.



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