Jakarta (ANTARA News) - Publicly listed petrochemical producer PT Chandra Asri Tbk (TPIA) is considering to offer new shares totaling 15-20 percent of its paid-up capital through a rights issue.

"The public holding currently reaches 5 percent. We plan to raise public float by up to 20-25 percent. However, we still have to wait for responses from shareholders and look at market conditions to conduct the rights issue, Chandra Asri director Suryandi said on Monday.

He said the company would use proceeds from the planned rights issue to develop its production facilities to produce petrochemicals such as butadiene and ethylene.

The expansion project would cost an estimated US$480 million, he said.

(SYS/S012)

Editor: Suryanto
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