Prajogo Pangestu increases share ownership in Chandra Asri (TPIA)

Reporter: Sandy Baskoro | Editor: Sandy Baskoro

KONTAN.CO.ID – JAKARTA. Prajogo Pangestu, again increased its share ownership in PT Chandra Asri Petrochemical Tbk (TPIA). One of the richest people in Indonesia increases his share share through a mechanism buyback as many as 6.81 million shares or 0.038% of the total shares of 17.83 billion shares.

“Mr. Prajogo Pangestu has added back TPIA’s share ownership of 6,813,400 shares. About 0.038% of the company’s total shares,” said Chandra Asri Petrochemical Director Chandra Asri, Suryandi in his official statement, Sunday (6/9).

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Suryandi explained, action buyback Prajogo Pangestu’s shares are his commitment to maintaining trust in capital market investors.
Taking a peek at the disclosure of information on the Indonesia Stock Exchange (IDX), currently TPIA shares are publicly owned by 1.38 billion shares or 7.75% of the total shares owned by the company.

Prajogo Pangestu’s share buyback action is also in order to provide a strong operational boost, so that the performance of the subsidiary of PT Barito Pacific Tbk (BRPT) can achieve positive results amid the Covid-19 pandemic.

Before the action buyback, Barito Pacific controls 7.47 billion shares of TPIA or 41.88% of total shares. Then SCG Chemicals Company Limited owns 5.45 billion shares (30.57%). Prajogo Pangestu holds 2.68 billion shares (15.05%).

Furthermore, Marigold Resources Pte owns 846.81 million shares (4.75%), while public investors own 1.38 billion shares (7.75%).

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While Erwin Ciputra owns 30,560,600 shares (0.17%), Fransiskus Ruly Aryawan owns 82,500 shares (0%) and Lim Chong Thian owns 243,775 shares (0%).

Chandra Asri’s management is optimistic that the petrochemical business will increase in the second semester of 2020. This can be seen from the increase in industrial activity, especially in China and Northeast Asia which has led to strengthening demand for polymers.

“This factor is added to the reduction in naphtha prices which is in line with the decline in the value of crude oil which has increased the polymer spread by 20-30 percent, to the mid-industrial cycle profit level in June 2020,” said Suryandi.

Chandra Asri also continues to invest in the Digital Transformation Program across all operations and financial activities with industry leaders and long-term partners.

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