JAKARTA. One of subsidiaries of PT Chandra Asri Petrochemical Tbk (TPIA), PT Chandra Asri Alkali (CAA), has leased a piece of land owned by PT Krakatau Daya Listrik (KDL) to make preparation for a plant construction.

Said area is located in Krakatau Industrial Zone in Cilegon, Banten. The area of the land plot leased to CAA is 297,264 square metres, with price set to IDR 15,600 per square metre per month.

The lease agreement had been signed by CAA and KDL on August 31, 2023. With a lease duration of 3 months, CAA will have to pay KDL IDR 13.91 billion for this land lease.

The land lease is categorised as affiliate transaction as KDL is a company indirectly owned by TPIA. As of February 27, 2023, approximately 70% of KDL is controlled by the company through PT Chandra Daya Investasi. (KR/ZH)