Oct 3, 2010

Indomobil to swap Rp380 billion debt

Car maker under Salim Group PT Indomobil Sukses Makmur Tbk (IMAS) plans to swap Rp380 billion debt to PT Tritunggal Inti Permata into shares.
Tritunggal Permata is also 20.47% shareholder of Indomobil, PT Cipta Sarana Duta Perkasa via Citibank Singapore controls 72.83% stakes in Indomobil, while public holders own 6.7%.
Following the debt swap, Tritunggal Permata will hold more shares in Indomobil. "The swap price will refer to the listing regulation." said Indomobil President Director Gunadi Sindhuwinata.
Indomobil schedules extraordinary general meeting of shareholder on November 26 2010. Before the company swap its debt to Tritunggal into shares, Indomobil plans to take over debts from four subsidiaries namely PT IMG Sejahtera Langgeng, PT Unicor Prima Motor, PT Wahana Inti Central Mobilindo, and PT National Assemblers.
IMG Sejahtera's existing debt is Rp294.3 billion, Unicor Prima is Rp33.13 billion, Wahana Inti is Rp11.08 billion, and National Assemblers is Rp339.76 billion. Indomobil's debt maturing this year is Rp555.4 billion and another Rp866.29 billion next year.
Disclosure: No position at the stock mentioned above.

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