Expanding The Business Sector, TPIA Changes Its Name To Chandra Asri Pacific

Illustration of inauguration (photo: unsplash)

JAKARTA Issuers belonging to Prajogo Pangestu, PT Chandra Asri Petrochemical Tbk (TPIA) changed their name to PT Chandra Asri Pacific Tbk.

This has been approved by shareholders at the Extraordinary General Meeting of Shareholders (EGMS) on Friday, December 29, 2023.

"The meeting has approved the amendment to Article 1 paragraph (1) of the Chandra Asri Articles of the Articles of Association concerning the Name and Position of the Company, where Chandra Asri's name changed from PT Chandra Asri Petrochemical Tbk to PT Chandra Asri Pacific Tbk or other names approved by the Ministry of Law and Human Rights of the Republic of Indonesia and the Financial Services Authority," said TPIA Head of Corporate Communications Chrysanthi Tarigan in an official statement, quoted Wednesday, January 3.

Chrysanthi said that this name change was part of the company's strategy in line with corporate steps related to business diversification carried out not only in the chemical sector, but also infrastructure.

In addition, this change also accommodates the company's growing and wider growth to have a maximum positive impact on all stakeholders of Chandra Asri.

In addition, the EGMS was also approved by the appointment of Anawat Chansaksong as Director of Chandra Asri replacing Nattapong Tumsaroj who had submitted his resignation letter to Chandra Asri on December 8, 2023.

"Anawat Chansaksong's nomination was proposed by PT Top Investment Indonesia as the holder of 15 percent of Chandra Asri's shares," he said.

Meanwhile, Anawat Chansaksong will replace and continue the remaining term of office of Mr. Nattapong Tumsaroj as Director of Chandra Asri as effective from January 1, 2024.

"Chandra Asri gave his highest appreciation to Mr. Nattapong Tumsaroj for his extraordinary contribution and dedication during his tenure as Director of Chandra Asri in guarding Chandra Asri's journey to become a leading chemical company and infrastructure solution in Indonesia," he said.

Chrysanthi revealed that throughout 2023 Chandra Asri has diversified its business to provide better services for stakeholders and improve the company's performance.

Chandra Asri seeks to strengthen his business in the chemical sector by establishing a chlor-alkali factory and an ethylene dichloride (Ca-EDC factory) through a subsidiary of Chandra Asri named PT Chandra Asri Alkali (PT CAA).

In addition to strengthening Chandra Asri's business in the chemical sector, the establishment of the CA-EDC plant is also carried out in order to support the development of the upstream aluminum and nickel industry to accelerate the domestic Electric Vehicle (EV) ecosystem and support the infrastructure sector in the country.

Chandra Asri also strengthened the infrastructure sector by acquiring PT Krakatau Daya Listrik (currently known as PT Krakatau Chandra Energi (PT KCE) and PT Krakatau Tirta Industri (PT KTI) through one of Chandra Asri's subsidiaries named PT Chandra Daya Investasi (PT CDI), where PT CDI is dedicated specifically to the development of Chandra Asri group infrastructure solutions.

"It is hoped that with efforts to strengthen the infrastructure sector by the Chandra Asri group, the construction of a global scale petrochemical complex carried out by Chandra Asri's subsidiary, PT Chandra Asri Perkasa, can run well," concluded Chrysanthi.