BANGKOK (Sept. 21, 2:30 p.m. ET) — Thailand's Siam Cement Group (SCG) has entered into an agreement to buy a 30 percent stake in PT Chandra Asri Petrochemical Tbk (CAP), Indonesia's leading integrated petrochemical company.
SCG is buying the stake through its SCG Chemicals subsidiary for Baht13.5 billion (US$443.5 million).
SCG Chemicals is buying 23 percent of CAP shares from Apleton Investments Ltd, a subsidiary of Singapore investment group Temasek Holdings (Pte) Ltd, and another 7 percent from PT Barito Pacific Tbk (Barito).
CAP makes ethylene, propylene, polyethylene, polypropylene and styrene monomer at its complex in Cilegon.