Clifford Chance

Clifford Chance advises Indonesia's largest integrated petrochemical manufacturer, Chandra Asri Petrochemical, on rights issue

Leading international law firm Clifford Chance advised PT Chandra Asri Petrochemical Tbk, Indonesia's largest integrated petrochemical manufacturer, on its US$378 million (Rp 5.03 trillion) rights issue.

Deutsche Bank AG, Hong Kong branch acted as the sole global coordinator and BNP Paribas, CLSA Limited, Credit Suisse (Singapore) Limited and PT Mandiri Sekuritas acted as the Joint Bookrunners. PT Mandiri Sekuritas also acted as the standby purchaser of the shares.

The proceeds from the rights issue would be used to strengthen the company’s capital expenditure, increase production capacity and diversify its products.

Hong Kong Capital Markets partner Alex Lloyd led the transaction and was supported by associates Angela Ryu (Hong Kong) and Stephanie Liman (Singapore). Singapore Capital Markets partners Johannes Juette and Raymond Tong advised the shareholders on US and Singapore matters and were assisted by senior associate Jon Crandall and associate Ee Nian Lim.

Alex said, "Our team has advised Chandra Asri for many years now and we were delighted to assist on such a significant transaction for the company."