Jakarta. The recent shareholder meeting by Chandra Asri made some huge changes in the company, including a new director and a name change.

According to a press release, the meeting agreed to change the company’s name from PT Chandra Asri Petrochemical Tbk to PT Chandra Asri Pacific Tbk. Anawat Chansaksoong also officially became a director, succeeding Nattapong Tumsaroj. 

“Mr. Nattapong Tusmaroj submitted his resignation letter on Dec. 8. The appointment of Mr. Anawat Chansaksoong was proposed by Top Investment Indonesia which holds 15 percent of Chandra Asri’s shares,” the company’s press release reads.

Chansaksoong officially assumes his new post as of Jan. 1. 

Business Diversification to Better Serve Indonesia
Chandra Asri through its subsidiary, Chandra Asri Alkali, plans to build chlor-alkali and ethylene dichloride facilities in a bid to support Indonesia’s dream of building an electric vehicle (EV) ecosystem. The company also seeks to support the domestic infrastructure industry with this facility.

The group’s infrastructure subsidiary Chandra Daya Investasi has also acquired Krakatau Daya Listrik --now called Krakatau Chandra Energi (KCE)-- as well as Krakatau Tirta Industri (KTI) in 2023. This move is expected to support the development of the global-scale petrochemicals complex by subsidiary Chandra Asri  Perkasa, according to the press release. 

Chandra Asri’s infrastructure solutions such as ports and docks are expected to facilitate the industrial development in Cilegon. Chandra Asri has also partnered with the state-owned aluminum producer Inalum to explore cooperation on caustic soda and ethylene dichloride. As part of this partnership, Chandra Asri Alkali will supply up to 120,000 metric tons of caustic soda and ethylene dichloride to Inalum. There is also potential equity investment by Inalum in Chandra Asri Alkali by up to 10 percent of the latter’s total equity.

“Chandra Asri has also acquired a $194 investment from Electric Generating Public Company Limited (EGCO) in which the latter directly invested in Chandra Daya Investasi,” the press release reads.

Chandra Asri has also won a number of awards, including the ASEAN Plastic Waste Circularity Award. It also maintained its low-risk status on Sustainalytics. The company’s environment, social, and corporate governance (ESG) risk status dropped from 17.7 to 16.6.

Chandra Asri also took home the gold rating at the 2023 PROPER awards hosted by the Environment Ministry.

The gold predicate recognizes Chandra Asri’s petrochemical plant in Ciwandan, particularly for its eco-innovations in developing creative and sustainable solutions. Chandra Asri Group’s petrochemical plant in Pulo Ampel also won the Green PROPER award for surpassing the required regulatory standards.