Indika Group purchases PT PENI

29-Apr-2003
The shareholders of PT Petrokimia Nusantara Interindo (PT PENI) announced today that they have sold the company to the Indika Group for $50 million. The transaction was completed on April 25, 2003. PT PENI, owned 75 percent by BP and 12.5 percent 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. The Indika Group was founded in 1997 by the Sudwikatmono family and is led by a team of professional managers. The group manages investments that span the petrochemical, power, media, and property industries. PT PENI employs a direct workforce of approximately 360 people, mostly at the manufacturing facility in Merak. The former shareholders and new purchaser are committed to treating all employees with respect throughout the transfer of ownership. No changes are planned in the size of the workforce as a result of this sale.

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