Oct 27, 2010

Indomobil to convert units debt

PT Indomobil Sukses Internasional Tbk and its subsidiaries plan to convert Rp339.76 billion and Rp40.24 billion of debt respectively to PT Tritunggal Intipermata into equity, thus the ownership of the Tritunggal in Indomobil rose to 24.58% from 20.47% today.
In the company’s prospectus released today Indomobil mentioned that the total debt to be converted into shares reached Rp380 billion. So, the company will conducted a rights issue without preemptive rights for as much as 54.29 million shares to Tritunggal.
The total debts of the company’s subsidiaries which were acquired by Indomobil and converted into shares of the Tritunggal, are PT IMG Sejahtera Langgeng (IMGSL) which is 75% owned by Indomobil, Trinity Intipermata of 21.25%, and Anthoni Salim of 2.5%.
Besides, PT National Assemlers’s debt that 97% of its shares owned by Indomobil, and PT Unicor Prima Motor’s debt that 83.81% of its shares also owned by Indomobil will be acquired by the company.
According to the plan, Indomobil must obtain approval first from its shareholders through a extraordinary general meeting of shareholders (EGM) which will be held in November 26.
Indomobil shareowners currently consists of PT Cipta Sarana Duta Perkasa of 72.63%, PT Trinity Intipermata of 20.47%, and public of 6.9%.

Disclosure: No position at the stock mentioned above.

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