Chandra Asri obtains $110m unsecured working capital

IDX-listed petrochemical firm PT Chandra Asri Petrochemical Tbk (CAP) announced on Tuesday that it has signed an Unsecured Working Capital Facility Agreement with Kasikornbank Public Company Limited, Thailand for an amount of THB 4 billion or US$110 million equivalent.

The loan facility, which includes Letter of Credit (L/C) and Trust Receipt (T/R), will be used by the company to support its business operations and to strengthen the company's efforts in creating business growth in the future.

CAP, majority owned by PT Barito Pacific Tbk and its strategic shareholder, SCG Chemicals, have been able to establish new banking relationship with financial institutions/banks from Thailand and obtain this Unsecured Facility reflecting Its improving financial profile, leading market position and methodological growth.

Meanwhile, CAP focuses to further improve its operational and financial performance in delivering higher value to stakeholders and contribute to the growth of the petrochemical Industry in Indonesia.

Chandra Asri Petrochemical, a subsidiary of PT Barito Pacific Tbk as the majority shareholders, is the largest integrated petrochemical company in Indonesia. CAP produces plastic raw materials and chemicals used for packaging products, pipes, automotive, electronics, etc. As a dominant market player, CAP operates the only Naphtha Cracker plant, Styrene Monomer, and Butadiene in Indonesia.

Editing by Johannes Simbolon