Connect with us

Economy & Market

Siam Cement to buy stake in Indonesia's PT Chandra Asri Petrochemical Tbk

Published

on

Shares

Thailand’s largest industrial conglomerate by sales, Siam Cement PCL, recently announced plans to buy a 30 per cent stake, worth US$441.2 million in Indonesia’s PT Chandra Asri Petrochemical Tbk. The 30 per cent stake will be purchased from two different sources. Siam Cement will buy a 22.9 per cent stake from Apleton Investments, a unit of Singapore government’s investment arm Temasek Holdings Pte. Ltd., and a 7.1 per cent stake from PT Barito Pacific Tbk. Chandra Asri, Indonesia’s sole cracker operator, operates 520 000 tpa of cracker at Merak, West Java. The company produces polyethylene, polypropylene, styrene monomer and various other olefins products. The company confirmed in a statement to the Thailand stock exchange that it will, through its wholly owned unit SCG Chemicals, hold 919.8 million shares in Chandra Asri.The controlling shareholder of Chandra Asri, Barito, a diversified company with business interests in the petrochemicals, forestry, property, mining and energy sectors, will hold a 59.4 per cent stake. The deal will allow Siam Cement to expand its presence in the region and fulfil its ambition of becoming a major petrochemicals player in Southeast Asia.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Concrete

CCU testbeds in Tamil Nadu

Published

on

By

Shares

Tamil Nadu is set to host one of India’s five national carbon capture and utilisation (CCU) testbeds, aimed at reducing CO2 emissions in the cement industry as part of the country’s 2070 net-zero goal, as per a news report. The facility will be based at UltraTech Cement’s Reddipalayam plant in Ariyalur, supported by IIT Madras and BITS Pilani. Backed by the Department of Science and Technology (DST), the project will pilot an oxygen-enriched kiln capable of capturing up to two tonnes of CO2 per day for conversion into concrete products. Additional testbeds are planned in Rajasthan, Odisha, and Andhra Pradesh, involving companies like JK Cement and Dalmia Cement. Union Minister Jitendra Singh confirmed that funding approvals are underway, with full implementation expected in 2025.

Image source:https://www.heavyequipmentguide.ca/

Continue Reading

Concrete

JSW Cement gears up for IPO

Published

on

By

Shares

JSW Cement has set the price range for its upcoming initial public offering(IPO) at US$1.58 to US$1.67 per share, aiming to raise approximately US$409 million. As reported in the news, around US$91 million from the proceeds will be directed towards partially financing a new integrated cement plant in Nagaur, Rajasthan. Additionally, the company plans to utilise US$59.2 million to repay or prepay existing debts. The remaining capital will be allocated for general corporate purposes.

Continue Reading

Concrete

Cement industry to gain from new infrastructure spending

Published

on

By

Shares

As per a news report, Karan Adani, ACC Chair, has said that he expects the cement industry to benefit from the an anticipated US$2.2tn in new public infrastructure spending between 2025 and 2030. In a statement he said that ACC has crossed the 100Mt/yr cement capacity milestone in April 2025, propelling the company to get closer to its ambitious 140Mt/yr target by the 2028 financial year. The company’s capacity corresponds to 15 per cent of an all-India installed capacity of 686Mt/yr.

Image source:https://cementplantsupplier.com/cement-manufacturing/emerging-trends-in-cement-manufacturing-technology/

Continue Reading

Trending News