JAKARTA - PT Chandra Asri Pacific Tbk (TPIA) and Glencore completed the acquisition of 100% of the shares of Aster Energy and Chemicals Park (ACE) in Shell Energy and Chemicals Park, Singapore, yesterday (1/4). With the completion of the corporate action, the Shell Energy and Chemicals Park, Singapore, now operates under the name ACE.

The acquisition took place through CAPGC Pte. Ltd, a joint venture between Chandra Asri Capital Pte.Ltd, a subsidiary of TPIA and Glencore Asian Holdings Pte. Ltd. The acquisition process was through an open tender in accordance with Singapore law since the strategic review announcement by Shell in June 2023 and the Sale and Purchase Agreement (SPA) agreement on 8 May 2024.

Erwin Ciputra, President Director and CEO of TPIA, in an official statement on Wednesday (2/4), said the acquisition marks an important achievement in strengthening Indonesia's energy security and supporting the growth of the national chemical industry. ‘We are ensuring the availability of vital resources for the country while contributing to Indonesia's long-term economic stability and global competitiveness,’ he said.

Quek Chin Thean, Managing Director of Glencore Singapore, said the acquisition is in line with Glencore's strategy of investing in high-potential assets in key markets. ‘We are committed to driving innovation, sustainability and operational excellence in our business activities,’ he said.

ACE operates a 237,000 barrels of crude oil per day refinery and a 1.1 million metric tonnes per annum ethylene cracker on Bukom Island, as well as downstream chemical assets on Jurong Island. With this capacity, Aster will become a major supplier of refinery and petrochemical products for Indonesia's domestic needs.

At the close of trading on Thursday (27/3), TPIA's share price rose 1.05% or +75 points to IDR7,200 per share. However, the share price fell 0.35% during the week, and 3.36%% in the past month. (EF/LK/LM)