One of Indonesia's tire manufacturer PT Multistrada Arah Sarana Tbk (MASA) reveals two stages of tire capacity expansion plan, requiring US$209.22 million of investment and working capital.
Multistrada aims to secure shareholders' approval in extraordinary meeting scheduled on June 10 2010 in a bid to pledge assets as required by three lead creditors The Hongkong and Shanghai Bank, CIMB Bank, and Bank Internasional Indonesia. Banks' consortium is committed to provide US$185 million of 7% loan to Multistrada.
During the tire capacity expansion, MASA plans to jack up production capacity of car tire from 16,000 units daily to 28,500 units and double motorcycle tire output from 8,000 units per day to 16,000 units.
In the first stage, Multistrada requires US$71.15 million of investment (excluding land acquisition) and US$108.07 million in the second term (excluding land acquisition).
Following the capacity enlargement, the company also needs working capital of US$15 million in 2010 and US$15 million in 2011.
Multistrada will allocate equity of US$24.66 million and US$154.56 million of investment credit from banks' consortium.
The company estimates that sales will increase to Rp2.26 trillion this year from Rp1.69 trillion last year with a lower net profit calculation from Rp174.86 billion in 2009 to Rp152.18 billion. In 2011, sales is estimated to balloon to Rp3.17 trillion with Rp233.98 billion of net profit.
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