Eterindo to set up S$75m petrochemical plant
Eterindo to set up S$75m petrochemical plant
JAKARTA (JP): Publicly listed petrochemical manufacturer PT
Eterindo Wahanatama plans to build a new plant with investment of
about US$75 million in Gresik, East Java.
The company's General Manager of Finance Wahyudi Harjo T said
yesterday the plant was expected to start commercial production
in October 1998.
He said it was now being built and would have a production
capacity of about 60,000 metric tons of phthalic anhydride and
maleic anhydride per annum.
"The new plant is expected to boost Eterindo's financial
performance," he said.
Yudi said that Eterindo Wahanatama, which was established in
1992 by the Sridaja family, groups seven chemical companies: PT
Eternal Buana Chemical Industri (EBCI), PT Petrowidada, PT
Anugerahinti Gemanusa, PT Inti Mutiara Gasindo, PT Eterindo Nusa
Graha, PT Globechem Pacific Perkasa and PT Buana Slovindo.
EBTI can produce 100,000 metric tons a year of plasticizers,
synthetic latex resins, unsaturated polyester resin and alkyd and
amino resin at its plant in Tangerang, West Java.
PT Petrowidada manufactures phthalic anhydride. It can produce
70,000 metric tons a year at its plant in Gresik, East Java.
PT Eterindo Nusa Graha makes synthetic resin and plasticizers
and can make 60,000 metric tons a year.
PT Anugerahinti Gemanusa manufactures polyvinyl alcohol and
acetic acid and can make 69,000 metric tons a year.
Yudi said the company posted a consolidated net profit of Rp
19 billion in the first quarter this year, up from Rp 4.9 billion
in the same period last year.
The company's net sales rose to Rp 84 billion in the first
quarter this year, from to Rp 63 billion last year.
"The company expects a further rise in net sales and profit
this year due to its expansion," Yudi said.
Early last month the company made its capital debut by
floating 170 million shares, or 25 percent of its enlarged
capital, through the Jakarta Stock Exchange.
The company raised about Rp 240 billion from its capital
market debut.
Of the proceeds, about $50 million was used to build PT
Anugerahinti Gemanusa's plant, a polyvinyl alcohol and acetic
acid producer. Another US$10 million was used as working capital
for PT Eterindo Nusa Graha, $10 million repaid EBCI's debts, $10
million modernized EBCI's production facilities, $13 million was
working capital for EBCI and $2 million repaid EBCI's leasing
facility. (09)