Chandra Asri plans rights issue to finance expansion
Saturday, March 25 2017 - 05:24 AM WIB
IDX-listed petrochemical company PT Chandra Asri Petrochemical Tbk plans to launch rights issue in the third quarter of this year to help finance expansion program.
Chandra Asri President Director Erwin Ciputra said in a statement Friday that the planned rights issue is also aimed at meeting the stock exchange requirement for the company to have minimum free float shares of 7.5 percent.
He said that the company plans to seek shareholders? approval for the rights issue at an upcoming shareholders meeting on May 2. Further details of the planned rights issue will be provide later on.
Chandra Asri said earlier it will embark on a feasibility study (FS) to construct and operate a second integrated petrochemical complex in Indonesia which will be located adjacent to its existing integrated petrochemical complex at Cilegon, in Banten Province.(*)