The loan will be used to finance the capitai expenditure in connection with the Naphtha Cracker expansion from 600,000 KT up to 860,000 KT per year which is estimated to cost US$380 million ("cracker expansion"). The expansion project has started in the fourth quarter of 2013 and expects to start commerciai production at the end of 2015.
Earlier in November, the Company had successfully completed a Limited Public Offering with Preemptive Rights ( "rights issue"). Total funds received through the rights issue was US$127.9 million where most of the proceeds will be used for the cracker expansion. The rights issuance was fully backed by Magna Resources Corporation Pte. Ltd., a major shareholder of PT Barito Pacific Tbk, and SCG Chemicals Co. Ltd.
The strong funding support received from the banks and Shareholders shows the trust and commitment in the Company's business pianto achieve the leading position in the lndonesian petrochemical industry in order to meet the country's growing demand for petrochemical products.
PT Chandra Asri Petrochemical
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