INDONESIA: Chandra Asri plans sale of shares to help finance expansion plans

The company has filed documents with the Financial Services Authority concerning its plan to issue the new shares, equivalent to 7.2% of its enlarged capital, in a pre-emptive rights issue.

Chandra Asri President Director Erwin Ciputra said the funds will be used to increase the capacity of the company's naphtha cracker and inject capital into a planned butadiene joint venture with Michelin.

Source: Weekly "PetroChemical News", Durham, NC, USA; 14 Oct 2013
(Syed Rashid Ali, Karachi, Pakistan)