Chandra Asri, A Company Owned By The Prajogo Pangestu Conglomerate, Issues Bonds Of Rp1 Trillion

Chandra Asri Petrochemichal Factory. (Photo: Doc. Antara)

JAKARTA - PT Chandra Asri Petrochemical Tbk will issue and conduct a public offering of sustainable bonds III. The company coded TPIA shares will issue bonds worth IDR1 trillion in April 2021.

Quoted from the disclosure of information on the Indonesian Central Securities Depository (KSEI) website, Wednesday, March 31, the bonds will be offered in three series. First, series A worth IDR 50 billion with an interest rate of 7.80 percent which will mature in the next 3 years to be precise on April 15, 2024.

Then series B worth Rp.587.95 billion with an interest rate of 8.50 percent and will mature in the next 5 years or April 15, 2026. Furthermore, series C is worth Rp.362.05 billion with 9.00 percent interest and will mature in the next 7 years on 15 April 2028.

Payment frequency every three months. Meanwhile, PT BCA Sekuritas and PT DBS Vickers Sekuritas Indonesia are the underwriters for the issuance of these bonds.

2020 performance

Chandra Asri Tbk managed to record positive performance throughout 2020. This petrochemical producer owned by the Prajogo Pangestu conglomerate recorded a net profit for the year attributable to the parent entity reaching 51.35 million US dollars, or Rp774 billion (exchange rate of Rp14,245 per US dollar).

Director of Chandra Asri Petrochemical Suryandi said that the recovery in demand for chemicals increased in the fourth quarter of 2020 in line with the economy slowly improving from the lockdown. Meanwhile, the strong rebound in consumption came mainly from China and Northeast Asia.

"The positive trend that occurred in the fourth quarter of 2020 can continue until 2021. We are prudent, but we are optimistic about sustainable resilience and growth in demand," said Suryandi, quoted from the information disclosure page of the Indonesia Stock Exchange (IDX), Wednesday, March 3.

Chandra Asri's profit achievement soared 124.4 percent when compared to net profit in 2019 which was only 22.88 million US dollars. Basic earnings per share (in full amount) rose to US $ 0.0029 from US $ 0.0013 previously.

However, the net income of the company owned by the 3rd richest person in Indonesia was recorded to have decreased. Chandra Asri posted net income of US $ 1.80 billion, or a decrease of 3.9 percent compared to 2019's revenue of US $ 1.88 billion.