PT Chandra Asri Petrochemical Tbk (TPIA) has selected Thai Oil Public Company Limited (Thaioil) as a strategic investor with a total investment value of US$1.7 billion for the development and construction of the second integrated petrochemical complex (CAP 2) located in Indonesia.

The Company and Thaioil have signed definitive agreements to increase capital in TPIA through a limited public offering submitted to the Financial Services Authority (OJK).

The investment in Chandra Asri will be made through a subsidiary appointed by Thaioil and will act as a standby buyer to ensure the success of this transaction.

The estimated total investment of Thaioil, which acquired a 15% stake in CAP after the rights issue, and SCG Chemicals, which retains approximately 30.57% of its shareholding in CAP, reached US$1.3 billion.

This transaction still requires approval from the applicable regulators, including from the OJK, and is expected to be completed no la