Tri Polyta to merge with Chandra Asri
Tri Polyta and Chandra Asri, two Indonesia ’s petrochemical producers will merge through a c.US$1.2bn share swap deal. Tri Polyta will issue 2.91bn new shares at c.Rp3,579 per share to Chandra Asri’s shareholders in exchange for the company’s $1.2bn assets. Once merged, Chandra Asri Petrochemical, the to-be-merged company, will become the largest publicly listed petrochemical company in Indonesia .
Both companies are controlled by Prajogo Pangestu, one of Indonesia ’s tycoons through his Barito Pacific business group. At present, Barito owns 77.99% of Tri Polyta and 70% of Chandra Asri. Chandra Asri Petrochemical will be 71.6% owned by Barito Pacific, 23% owned by Thai Glazer and Putnam Investment, and 5.4% owned by public. The merged company will have a total of US$1.4bn combined asset. $1.2bn come from Chandra Asri and the remainder from Tri Polyta. It is expected that the merged company will derive Rp17-20tr revenue per year.
As a listed company with current market capitalization of c.Rp2.5tr, Tri Polyta would need to report this merger plan and seek approval from capital market regulator as well as its shareholders. It will hold extraordinary shareholders meeting scheduled on 27 October 2010. The merger is expected to be finalized by 1 January 2011. DBS and Deutsche Bank will be acting as financial advisors for this merger.
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