Unggul plans acquisition

JAKARTA (JP): Publicly listed chemical firm PT Unggul Indah Corp said yesterday it planned to buy Singapore-based Salim Oleochemicals Pty Ltd for US$20 million.

The company said it planned to ask shareholders' for their approval at a meeting on June 25.

It said Salim Oleochemicals (SOC) was a producer and distributor of chemicals products.

SOC and Unggul Indah are members of the Salim Group conglomerate.

Unggul Indah Corporation makes alkylbenzene, a major raw material in detergent. It posted a net profit of Rp 41.27 billion in 1996, up from Rp 32.76 billion in 1995. (09)