PT. AKR Corporindo, Tbk
Jakarta, 31st August 2023 –PT AKR Corporindo Tbk (IDX Stock Code: AKRA.IJ) today announced that Sichuan Hebang Biotechnology Co. (Hebang) leading Chinese listed company which integrates chemical, photovoltaic and mineral products has signed binding agreement (CSPA) with PT Berkah Kawasan Manyar Sejahtera (BKMS) subsidiary of AKRA for purchase of land to set up Petrochemical manufacturing plant in SEZ- Java Integrated Industrial and Port Estate (JIIPE-SEZ);
Hebang in its announcement dated August 30, 2023, disclosed that plans to invest US Dollars 800 million in the project, to build a Petro chemical plant on the land measuring 67 hectares in JIIPE-SEZ, mainly for the production of Sodium carbonate, Ammonium chloride and Glyphosate and other products. At the same time, Hebang signed a Term Sheet with PT AKR Corporindo Tbk (AKRA), to establish a joint venture company which will be the investment, construction and operation entity for the project in Indonesia with proposed ownership of 90% of the shares by Hebang ( or any of its affiliates or subsidiaries), and AKRA (or any of its affiliates or subsidiaries) shall hold 10% of the shares in the Joint Venture Company.