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Indorama Buys Stake in PTA Producer in Indonesia

1:10 PM MDT | July 6, 2011 | Ian Young

Indorama Ventures Ltd. (IVL; Bangkok) has agreed to acquire a 50% stake in privately owned purified terephthalic acid (PTA) producer PT Polyprima Karyareksa (Jakarta) for an undisclosed amount. IVL's stake in Polyprima will decrease to 41% following a debt restructuring with Polyprima's creditors and an issue of new capital by Polyprima. A  further 41% of Polyprima will be held by PT Indorama Synthetics (IRS; Jakarta), an Indorama group company. Other investors will hold the remaining 18%. IVL and IRS each plan to buy an additional 5% in Polyprima from these...

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