JAKARTA (TheInsiderStories) - PT Bina Raya Perkasa, owned by Indonesian tycoon Pieter Tanuri, released all shares in an automotive producer, PT Indomobil Sukses Internasional Tbk (IDX: IMAS), to a private company based in Surabaya, East Java, PT Sejahtera Raya Perkasa (SRP). Value of the transaction reached of Rp783.67 billion (US$53.31 million).
President director of Indomobil, Jusak Kertowidjojo, said in an official statement released today (10/14), Tanuri has sold 22 percent of the issuer shares or equal to 878.56 million shares with price Rp892 a unit. He adds, the share purchase was carried out on Oct. 1, for investment purposes.
One of director of the buyer, Evensius Go is also recorded as a director of Indomobil since 2014. While, the seller engaged in management consulting activities with major ownerships hold by the owner of football club, PT Bali Bintang Sejahtera Tbk (IDX: BOLA). He is the major shareholder and also serves as a commissioner at the company.
For background, on August 27, Tanuri purchased 919.15 million shares of the car-maker with price of Rp550 per share. Then, he bought another 40.74 million shares at Rp620 a unit.
He absorbs the new shares through rights issue of Indomobil. The unit of Salim Group has released up to 1.23 billion shares. The former major shareholder of tyre-maker, PT Multistrada Arah Sarana Tbk (IDX: MASA) become a shareholders of the automaker together with Singapore’ Gallant Venture Ltd owned by the Salim Group, Keppel Group and JTC Group.
The partners not absorbed the new shares and plan to transfer all of their rights to Bina Raya Perkasa. After the transaction, the ownerships of Gallant Venture dropped from 71.49 percent to 49.49 percent.
Last year, Indomobil was divested Multistrada shares to Michelin Group for Rp1.51 trillion. The company sold the shares through its subsidiary, PT Central Sole Agency, PT IMG Sejahtera Langgeng, and PT Indomobil Prima Niaga.
On Jan. 23, 2019, the French tire manufacturer acquired 80 percent shares of MASA for $439 million. The acquisition was carried out by the tyre-maker to strengthen the growing market in Indonesia.
According to the CEO, Jean-Dominique Senard, the acquisition was the right opportunity for Michelin to expand its market in Indonesia. He noted, “Indonesia as the highest population in Southeast Asia has a growing market potential.”
Meanwhile, Tanuri believed that Michelin is the right partner for Multistrada to face the future. The tire maker, said will strengthen its presence in the domestic market by utilizing technical expertise and limited new investment.
The tire producer will gradually convert the production of passenger vehicle tires from level third quality to level second under the Michelin brand. Thus, it will encourage growth in demand for quality tire 2 in Europe, North America and Asia.
US$14,700
Written by Staff Editor, Email: theinsiderstories@gmail.com
