· Chandra Asri is in its way to merge with Tri Polyta Indonesia through share swap mechanism expected to be concluded imminently. This plan will be proposed in Try Polita’s EGM next month. The merged company will be named PT Chandra Asri Petrochemical Tbk.
· The impact will be positive for Try Polita, as of the end of 2009, Chandra Asri’s assets reached US$1.20bn compared to Tri Polyta’s US$280.0mn.
· The impact is also positive for both of the companies’ holding, Barito Pacific (BRPT, Rp1,240) as the merger will unlock Barito’s ownership value in Chandra Asri. Currently, Barito holds 77.9% stake in Tri Polyta and 70.0% stake in Chandra Asri. Barito’s revenue from petrochemical business, which comes from both companies, reached Rp14.30tn or 99.2% of Barito's 2009 consolidated revenue of Rp14.40tn. Considering Try Polita’s 2009 revenue of 4.70tn in 2009, the figure means that Chandra Asri’s revenue reached more than Rp9.00tn during the period.
· Furthermore, based on the prospectus published today, Try Polita’s revenue as of 1H10 reached Rp2.60tn with Rp166.0bn of net profit, while Chandra Asri logged in US$831.0mn of revenue with US$1.0mn of net profit.
· The share swap ratio is 1 (one) Chandra Asri share for 42,660 shares of Tri Polyta shares. Dilution impacts are 76.24% for Tri Polyta and 23.76% for Chandra Asri. The chosen appraisal stated that fair price for Tri Polyta is at Rp3,579 a share.
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