Saturday, September 22, 2007

Barito Acquires Chandra Asri through Shares Swap

Publicly listed PT Barito Pacific Tbk plans to boost its equity contribution to IDR30 trillion-IDR50 trillion from IDR10 trillion to acquire PT Chandra Asri Petrochemical Center (CAPC).

Prajogo Pangestu, a tycoon who is also co-owner of Barito, revealed the increase in equity would be realized after the plan was approved by the Extraordinary Shareholders General Meeting scheduled to take place on October 26, 2007. The company will also ask for approval from the meeting to its plan acquiring Chandra Asri.

Prajogo claimed he only controlled a 14.7% stake in Chandra Asri through PT Inter Petrindo Inti Citra (IPIC).

Other shareholders of Chandra Asri are Glazers & Putnam Invest (25.86%) and Commerzbank International Trust (24.59%). Commerzbank acquired a stake in Chandra Asri from Marubeni two years ago.

In the meantime, Barito's shareholders as to March 2007 were Singapore's Commerzbank (SEA) Ltd (21%), Whistler Petrochemical Corporation (12.69%), PT Barito Pacific Lumber (9.77%), PT Tunggal Setia Pratama (9.4%), Prajogo Pangestu (0.77%), PT Multilestari Kencana (0.62%), and others to the total 45.61%.

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