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Bangkok.
Thailand's top industrial conglomerate, Siam Cement Pcl, will bid for two
Indonesian petrochemical assets worth an estimated $1.1 billion, the company
said on Tuesday, as part of a Southeast Asia expansion drive.
The deals
are set to be another indication of increasing foreign interest in Southeast
Asia's biggest economy, which is attracting investors because of strong
economic growth and a buoyant stock market.
Siam
Cement, 30-percent owned by the Thai royal family's Crown Property Bureau, said
it was interested in PT Sulfindo Adiusaha, an Indonesian chemical producer
controlled by Indonesia's Tanojo family.
South
Korea's Hanwha Chemical Corp may also bid for Sulfindo Adiusaha, sources with
knowledge of the deal said recently.
Sulfindo's
owners, the Tanojo-controlled Victoria Group, are seeking to sell the whole
company for about $700 million. Separately, Singapore state investor Temasek
Holdings Pte Ltd is trying to sell its 23 percent stake in PT Chandra Asri
Petrochemical Tbk in a deal worth an estimated $400 million, two sources with
direct knowledge of the deal told Reuters recently.
"We
are interested in both petrochemical firms in Indonesia...details of the deals
cannot be disclosed at this point because they are quite big deals," Siam
Cement Chief Executive Kan Trakulhoon told reporters on Tuesday.
Thailand's
top energy firm, state-controlled PTT Pcl is also keen to buy a stake in
Chandra Asri, an industry source said last week, possibly through its PTT
Chemical Pcl unit.
Siam Cement
and PTT group have aggressively scouted for opportunities for assets overseas,
especially in Southeast Asia.
Reuters
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