JAKARTA – Stock performance of  PT Chandra Asri Pacific Tbk (TPIA) fell off at today’s (20/8) closing bell. This condition occurred as if reflecting the market’s response towards its plan to debut its subsidiary, which is engaged in the infrastructure investment sector, in the stock exchange.

Monitoring the board this afternoon, TPIA was closed at IDR 9,600, down IDR 250 or 2.54% from its last closing position at IDR 9,850 per share.

The declining trend has taken place since yesterday, tracing it back to last Friday’s (16/8) closing position, in which it still managed to arrive at IDR 10,100 per share.

Last week, there had indeed been rumours regarding TPIA management’s plan to issue shares of PT Chandra Daya Investasi (CDI) to the public in the market.

Furthermore, said plan had been confirmed by the management of TPIA. “It is true that CDI is TPIA’s subsidiary engaged in the investment sector, particularly for infrastructure. The company is indeed starting to explore the possibility of initial public offering (IPO) for CDI, but it is still under internal discussion,” said Erri Dewi Rian, General Manager of Legal & Corporate Secretary of TPIA, as quoted from the press release.

As of June 2024, CDI recorded total assets of USD 906.92 million. This subsidiary, 100% owned by TPIA, has recently operated commercially since last year.

Its revenue actually slipped 19.3% year-on-year (yoy) to USD 866.5 million from USD 1.07 billion. The revenue was generated by chemical segment of USD 819.3 million, down from USD 1.04 billion, as well as infrastructure segment of USD 47.2 million, up from USD 33 million. (LK/ZH)