Tri Polyta now biggest polypropylene maker

JAKARTA (JP): PT Tri Polyta Indonesia (TPI), a polypropylene resin producer in Cilegon, West Java, has completed the construction of its third production train, which will enable the firm to produce 340,000 tons annually.

The company said in a statement yesterday that the third train, which is adjacent to the other two units, can also produce polypropylene impact copolymer, a raw material for the production of copolymer plastic, which is currently imported.

Polypropylene resins are petrochemical plastics used in the manufacture of a wide range of consumer products.

The statement said that the completion of the third train has made Tri Polyta the biggest polypropylene producer in the world.

The construction of the new train was conducted by Lucky Engineering within 17 months, it said.

Tri Polyta floated 29 percent of its shares on the NASDAQ stock exchange in New York in August 1994 to generate US$127 million in fresh funds, used mostly for the repayment of its debt.

Tri Polyta is now 31 percent owned by the Bimantara Group, eight percent by businessman Prajogo Pangestu, seven percent by Henry Pribadi, five percent each by Ibrahim Risjad and Sudwikatmono, four percent each by Wilson Pribadi, Andry Pribadi and Henry Liem, two percent by Johny Djuhar, one percent by Henry Halim and 29 percent by public investors.

The company also raised a syndicated loan of $176 million from 16 domestic and overseas banks last March.

The company has reported a net profit of Rp 76.1 billion ($34.6 million) in 1994 and total assets of Rp 817.9 billion as of last December. (kod)