Indika Group purchases PT PENI
1 May 2003
The shareholders of PT Petrokimia Nusantara Interindo (PT PENI) have sold the company to the Indika Group for $50 million. The transaction was completed on April 25, 2003.
PT PENI, owned 75% by BP and 12.5% each by Sumitomo and Mitsui, operates a stand-alone polyethylene manufacturing plant in Merak, West Java, Indonesia, which has a production capacity of 450,000 tonnes per year.
PT PENI employs a direct workforce of approximately 360 people, mostly at the manufacturing facility in Merak. No changes are planned in the size of the workforce as a result of the sale.
After the sale, the former shareholders will continue to provide PT PENI with technical support services and ethylene supply.
