Titan unit to buy all shares, assume debts of PT PENI

  • Business
  • Wednesday, 28 Dec 2005

TITAN Petchem (M) Sdn Bhd, a unit of Titan Chemicals Corp Bhd, will acquire 100% equity in PT Petrokimia Nusantara Interindo (PT PENI), the largest Indonesian polyethylene producer, from Golden Park Ltd for US$20mil cash.  

It would also facilitate the resolution of US$58mil in debts owed by PT PENI to its bankers, Titan Chemicals said in statement.  

PT PENI is the owner of a petrochemical complex in Kaputen Serang in Java’s Banten province. It comprises three linear low-density polyethylene/high-density polyethylene lines.  

PT PENI has an issued and paid-up capital of US$643.75mil, comprising 643.75 million shares of US$1 each. The company is principally engaged in the manufacture of polyethylene. 

The net assets and loss after taxation of PT PENI, based on the audited accounts for the financial year ended Dec 31, 2004, are US$147.93mil and US$79.35mil respectively. 

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