Chandra Asri gets US$750 million from KKR to buy ExxonMobil’s Singapore petrol stations

[BENGALURU] Indonesia’s Chandra Asri Pacific said on Monday (Nov 17) that it has secured a bespoke US$750 million financing package from investment firm KKR to support its purchase of ExxonMobil’s Esso-branded retail petrol station network in Singapore.

In late October, the Indonesian conglomerate said that it planned to retain the Esso branding, continue sourcing fuel from ExxonMobil, and integrate the existing workforce into its operations.

Until now, Chandra Asri has not revealed financial details of the transaction, which includes nearly 60 petrol stations along with associated supply agreements.

The financing solution will be arranged by KKR Capital Markets and anchored by KKR’s private credit and insurance platforms, the investment firm said.

“This transaction aligns with our focus on providing tailored capital solutions to leading companies across Asia Pacific, and we look forward to supporting Chandra Asri’s continued growth as it strengthens its downstream energy and retail presence in Singapore,” said SJ Lim, managing director and head of Asia private credit at KKR.

Shares of Chandra Asri were up 1.1 per cent at 7,075 rupiah. The stock has roughly lost around 6 per cent so far this year, with the firm having a market capitalisation of US$36.22 billion. REUTERS