Siam Cement Group's subsidiary SCG Chemicals has agreed to buy a 30% stake in Indonesia's PT Chandra Asri Petrochemical for around THB13.5bn ($441m).
SCG will buy a 22.9% stake from Apleton Investments, a unit of the Singapore Government's investment arm, Temasek Holdings, and a 7.1% stake from PT Barito Pacific.
Chandra Asri operates a 520,000t/year cracker in Merak, West Java.
Siam Cement will buy the shares in Indonesian petrochemical firm for IDR4,088 ($0.45) each.
Barito, a diversified company with business interests in the petrochemicals, forestry, property, mining and energy sectors, will hold a 59.4% stake and will remain a controlling shareholder of Chandra Asri.
The deal will allow Siam Cement to expand its presence and become a major petrochemicals marketer in Southeast Asia.
