PT Multistrada Arah Sarana Tbk (MASA) is in frenzy talks with two lead arrangers CIMB and HSBC for finalizing a syndicated loan agreement worth US$200 million.
A source familiar with the matter said Multistrada, that is led by Pieter Tanuri, former owner of PT Trimegah Securities Tbk (TRIM), is going to use the syndicated loan to prop up its tire production capacity expansion until 2013.
"To underpin the expansion, MASA will approximately secure US$150 million in loan and US$50 million is intended to bankroll its working capital," the source said.
Multistrada is planning to jack up car tire production capacity to 28,500 units per day and motorcycle tire production to 16,000 units daily until 2013.
According to a research report published by Pefindo on January 15 2010, MASA continues to rise car tire production capacity from 12,827 units to 15,000 units daily during 2008-2009.
In the same period, the tire producer with such famed tire brands such as Corsa, Strada, and Archilles, also extended its motorcycle tire production capacity 205% year on year from 2,394 units to 7,300 units a day.
Multistrada recorded tremendous growth in recent years. During 2005-2008, sales rose approximately 56.5% CAGR from Rp0.22 trillion in 2005 to Rp1.3 trillion in 2008.
As of end of September 2009, MASA successfuly raised its sales 19.2%, hitting Rp1.2 trillion from Rp1.01 trillion in last year. In line with production capacity expansion, MASA is estimated to generate Rp1.7 trillion in 2009 sales, grew 27.4% year on year.
Pre-tax profit in 2009 could reach Rp229 billion, a skyrocket from a year before of Rp6 billion. EPS was estimated to reach Rp26.9 per share last year from Rp0.5 per share in 2008.
According to a research report published by Pefindo on January 15 2010, MASA continues to rise car tire production capacity from 12,827 units to 15,000 units daily during 2008-2009.
In the same period, the tire producer with such famed tire brands such as Corsa, Strada, and Archilles, also extended its motorcycle tire production capacity 205% year on year from 2,394 units to 7,300 units a day.
Multistrada recorded tremendous growth in recent years. During 2005-2008, sales rose approximately 56.5% CAGR from Rp0.22 trillion in 2005 to Rp1.3 trillion in 2008.
As of end of September 2009, MASA successfuly raised its sales 19.2%, hitting Rp1.2 trillion from Rp1.01 trillion in last year. In line with production capacity expansion, MASA is estimated to generate Rp1.7 trillion in 2009 sales, grew 27.4% year on year.
Pre-tax profit in 2009 could reach Rp229 billion, a skyrocket from a year before of Rp6 billion. EPS was estimated to reach Rp26.9 per share last year from Rp0.5 per share in 2008.
MASA is one of outstanding tire producers in Indonesia. "Pefindo estimates that MASA's total car tire production represents 13% of the total car tire production in Indonesia."
As of September 2009, MASA's car tire production reached 3.51 million units compared to national production of approximately 27.6 million units. In 2010, MASA is estimated to book Rp2.47 trillion in sales with pre-tax profit of Rp353 billion with EPS of Rp41.5.
As of September 2009, MASA's car tire production reached 3.51 million units compared to national production of approximately 27.6 million units. In 2010, MASA is estimated to book Rp2.47 trillion in sales with pre-tax profit of Rp353 billion with EPS of Rp41.5.
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