The Change Of Chandra Asri Petrochemical's Name Is A Big Step For The Company To Strengthen Its Position As A Growth Partner For Indonesia

JAKARTA - PT Chandra Asri Petrochemical Tbk has officially changed the name of the Company to PT Chandra Asri Pacific Tbk (Chandra Asri Group) with the stock code TPIA. This change has officially obtained approval from the Ministry of Law and Human Rights of the Republic of Indonesia on January 3, 2024, which has obtained shareholder approval at the Extraordinary General Meeting of Shareholders (EGMS) on December 29, 2023.

This name change was carried out as a form of the Company's transformation, which is currently intensively diversifying its business portfolio, which is no longer only fixated on the petrochemical sector, but has expanded its business coverage to the chemical sector and provided infrastructure.

Thus, changing the name to PT Chandra Asri Pacific Tbk is a strategic step to accommodate the wider change in business focus, strengthening the Company's reputation as Mitra GrowthPartner, which plays a role in becoming the backbone of strategic sectors in the country.

Director of Human Resources and Corporate Affairs Chandra Asri Group, Suryandi, said that the change in the name of the Company to PT Chandra Asri Pacific Tbk was carried out in line with the Company's efforts which are currently diversifying its business as an effort to provide maximum benefits to all stakeholders.

"We thank all customers and partner companies for their continuous consistency of support that has allowed Chandra Asri Group to continue to grow and make a positive contribution to Indonesia," he said in a written statement, Friday, December 5.

Chandra Asri Group is currently conducting business diversification as an effort to strengthen the company's performance. The company acquired PT Krakatau Chandra Energi (formerly PT Krakatau Daya Listrik) and PT Krakatau Tirta Industri in the infrastructure sector through its subsidiary PT Chandra Daya Investasi (CDI) in early 2023.

Then, Chandra Asri Group will also build Chlor-Alkali and Ethylene Dichloride (CAA-EDC) factories through its subsidiary, PT Chandra Asri Alkali, to expand the chemical sector. Chandra Asri Group also continues its commitment to building a second-scale global petrochemical complex (CAP2) in an effort to help Indonesia reduce import burdens.

The name change to PT Chandra Asri Pacific Tbk has confirmed all business steps taken to have a significant positive impact on stakeholders. Our commitment to customers and partners will remain the Company's top priority while opening up new opportunities to be able to serve more customers and stakeholders. This new name also supports the Company's vision to become Indonesia's Leading Chemical and Infrastructure Solutions Company," said Suryandi.

This change also marks an important milestone in Chandra Asri Group's journey to become a wider strategic partner in the chemical and infrastructure sectors in Indonesia. With this new strategy, the Company is determined not only to be a leader in industry, but also to create a greater positive impact in people's lives and the environment.

This transformation is a strong step forward, affirming Chandra Asri Group's commitment to become a growth partner for Indonesia.