Back to announcement
20231212_TPIA_Laporan Informasi dan Fakta Material_31559054_lamp1.pdf
Other Text extracted TPIASource file signed link, expires in 15 minutes
Extracted text 2
Page 1
Press Release
Chandra Asri Group Secures an Equity Investment of US$194
Million from EGCO Group for a 30% Equity Stake in Its
Infrastructure Company
Jakarta, 12 December 2023 – PT Chandra Asri Petrochemical Tbk (Chandra Asri Group),
Indonesia’s leading chemical and infrastructure solutions company, has secured an investment of
US$194 million from Electricity Generating Public Company Limited or EGCO Group (EGCO), a
leading independent power producer in Thailand. Following completion, EGCO will hold a 30%
stake in Chandra Asri Group’s subsidiary, PT Chandra Daya Investasi (CDI), a special purpose
vehicle dedicated for infrastructure solutions.
Chandra Asri Group will continue to retain a controlling 70% stake in CDI. The net proceeds raised
will be used for the development of Chandra Asri Group and EGCO’s infrastructure business,
which comprises of energy, water and port facilities.
EGCO Group has been selected as Chandra Asri Group’s chosen partner to support the
exponential growth of Chandra Asri Group’s infrastructure business, after a robust and
comprehensive strategic investor selection process. This collaboration marks a significant
milestone for both companies, combining Chandra Asri Group's expertise in the chemical and
infrastructure sector with EGCO's proficiency in power and energy solutions.
Erwin Ciputra, President Director of Chandra Asri Group said: "We are excited to join forces with
EGCO as our new growth partner to create a synergy that will not only enhance our operational
efficiency but also contribute to a more sustainable future. By leveraging our strengths, we
believe this collaboration will drive positive change in Indonesia’s infrastructure landscape. We
are also grateful for the continuous support of our shareholders, investors, and other key
stakeholders to make this transaction a resounding and tremendous success."
Thepparat Theppitak, EGCO Group’s President, echoed the sentiment, saying: “The new
investment is aligned with EGCO Group’s strategic objective for acquiring high quality gas-fired
power facilities that are profitable. This investment will help strengthen our power generation
business and broaden our fuel and other infrastructure business in ASEAN. The collaboration also
allows EGCO to seamlessly integrate into a promising market in Indonesia with further potential
expansion in Southeast Asia, together with sustaining long-term partnerships between EGCO and
Chandra Asri Group.”
Page 2
CDI aims to generate long-term, stable, and sustainable shareholder returns through its
infrastructure business. Its core infrastructure assets portfolio consists of the biggest and only
integrated water company in Indonesia, one of 2 gas turbine Combined Cycle Power Plants in
Indonesia, a 200 MW eco-friendly power generation joint-venture with Posco International
(South Korea’s largest trading company), and an integrated intermediary tank rental and jetty
management service company based in the leading industrial estate of Java island. CDI provides
further growth upside to the assets under its portfolio through (i) value enhancement via
operational excellence; (ii) realisation of cross-entity synergies; and (iii) integrating ESG best
practices.
***
About Chandra Asri Group
Chandra Asri Group is a leading chemical and infrastructure solutions company in Indonesia with a track record of
over 31 years in the petrochemical industry. The company employs over 2,000 dedicated staff, incorporates state of-
the art technologies and supporting facilities located strategically in the country’s industrial hub, Cilegon and Serang.
As a Growth Partner, Chandra Asri Group is committed on creating high-value jobs, expanding the domestic
petrochemical value chain, and serving the needs of the vibrant and growing Indonesian market. Chandra Asri is
Group currently expanding its portfolio in the energy sector and incorporating its asset as well as operational
infrastructure to supports the expansion plan of the second world-scale integrated petrochemical complex in
Indonesia, CAP2. For more information, visit: www.chandra-asri.com.
About EGCO Group
EGCO Group, the first Independent Power Producer in Thailand, is a holding company which has a total equity
capacity of 7,023 MWe in operation and under construction. Total equity capacity from renewable energy (RE) is
1,418 MWe (equivalent to 20% of the total portfolio and growing). The RE portfolio includes biomass, hydropower,
solar power, wind power, fuel cells, and battery storage. EGCO Group’s facilities and other projects are located in
eight countries, namely Thailand, Lao PDR, Philippines, Indonesia, Australia, South Korea, Taiwan and USA. In
addition to power business, other energy-related businesses of the company include Thai Pipeline Network Co., Ltd.
(TPN), EGCO Rayong Industrial Estate, Peer Power which is a new financial technology company, and Innopower
which is a high-tech start up incubator that EGCO Group owns together with its partners EGAT and RATCH Group.
EGCO Group has been named to the Dow Jones Sustainability Index (DJSI) for the last three years and aims to
achieve Net Zero within 2050. Learn more about EGCO Group through our website at www.egco.com or on social
media at www.facebook.com/EGCOGroup
For further information, please contact:
Chandra Asri Group
Suryandi Chrysanthi Tarigan
Director HR & Corporate Affairs Head of Corporate Communications
Telp: 021- 530 5790 Telp : 021-530 7950
Email : suryandi@capcx.com Email: corporate.comm@capcx.com
Names mentioned 0 people and organisations named in the text · linked when the evidence is strong
The name pass has not read this document yet.
Extraction attempts how the parser did, and what it refused
Nothing structured was extracted from this document — the attempts below say why.
No extraction attempted yet.