JAKARTA. PT Chandra Asri Pacific Tbk (TPIA), a petrochemical company under Barito Pacific Group, will divest several of its business lines in order to optimise assets.

The management of TPIA mentioned that business lines to be divested include port, harbour and storage facilities business units. Those three will be transferred to PT Chandra Pelabuhan Nusantara (CPAT), another company under Barito Pacific Group.

“The spin-off that will be initiated by the company is partial spin-off, as stated in Article 135 Paragraph (1) letter b and Paragraph (3) of UUPT,” added the management of TPIA in the information disclosure.

The management of TPIA also said that this divestment is expected to strengthen capitalisation structure and maximise assets of the company. This corporate action is also projected to accelerate business development of CPAT in the future, as well as generating added value to its shareholders.

TPIA will ask for approval from shareholders through its Annual General Meeting of Shareholders (AGMS), which is scheduled to take place on May 8, 2024. The business line transfer will take effect after the company obtains the license from the Minister of Law and Human Rights. (KR/ZH)