Indonesian businessman, Peter Tanuri, through his company, PT Bina Raya Perkasa, to absorbs new shares of car-maker, PT Indomobil Sukses Makmur Tbk (IDX: IMAS), said the company on Friday (07/03) - Photo: Special

JAKARTA (TheInsiderStories) – Indonesian businessman, Peter Tanuri, through his company, PT Bina Raya Perkasa, to absorbs new shares of car-maker, PT Indomobil Sukses Makmur Tbk (IDX: IMAS), said the company in the public announcement on Friday (07/03). The unit of Salim Group plans to releases up to 1.23 billion shares with exercises price Rp500 – 600 a unit.

The owned of local football club, Bali united will buys 878.56 million shares of Indomobil with total amount up to Rp527.14 billion (US$37.38 million). 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 will not absorb the new shares and plan to transfer all of their rights to Bina Raya Perkasa. According to president director of Indomobil, Jusak Kertowidjojo, the standby buyer is a company that focuses on the management consulting business, who also as the managing director at the company.

After the transaction, the ownerships of Gallant Venture will decreased from 71.49 percent to 49.49 percent and Bina Raya 22 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$14,100

Written by Staff Editor, Email: theinsiderstories@gmail.com