SINGAPORE: Indonesia’s PT Chandra Asri Petrochemical has received a US$60 million credit line from Singapore’s DBS Bank to help support the company’s plan to grow export sales, Chandra Asri and DBS Bank said in a joint statement on Monday (Feb 22).
The credit line, in the form of a structured trade facility, will “help bolster the country’s balance of payments”, the joint statement said.
“This is in line with the company’s master plan to vertically integrate, support domestic consumption, and grow its export sales of monomers and polymers from Indonesia,” the statement said.
Chandra Asri, Indonesia’s biggest petrochemical company, has been a client of DBS Bank since 2005.
“This … gives Chandra Asri the ability to attain, scale and diversify access to competitive financing,” Tan Su Shan, Head of Institutional Banking Group at DBS Bank said in the statement.