Nov 9, 2010

Central Sole controls 9.8% Multistrada

PT Central Sole Agency, the subsidiary of PT Indomobil Sukses Makmur Tbk (IMAS), is finally recorded as one of shareholders at tire maker PT Multistrada Arah Sarana Tbk (MASA).
In an official statement provided by Indonesian Central Securities Depository (KSEI) dated November 5 2010, it is now clear that Central Sole Agency has bought Multistrada from Prudent Capital.
Referring to the data, Central Sole Agency has been recorded as Multistrada's shareholder of 9.8% on November 3 2010.
To acquire Multistrada stake, Central Sole Agency secured investment loan facility as much as Rp180 billion at the most from PT Bank Central Asia Tbk (BCA) on 20 October 2010.
The non-grace period investment loan matures in 3 years with 10.5% interest rate.
Central Sole Agency shall settle half of this loan by prorated monthly installment while the remaining 50% shall be paid in the end of loan period.
Prudent Capital sold 600 million the MASA-coded shares or 9.8% stake on 28 October at Rp300 per share or Rp180 billion.
Such stock acquisition was held through an Indonesia brokerage company, namely PT Buana Capital.
Based on the data of Kustodian Sentral Efek as per 27 October 2010, the shareholders of Multistrada are PVP XVIII Pte Ltd as much as 26.09%, Central Sole Agency (9.8%), The Bank of New York (7.23%), and the remaining owned by public.

Disclosure: No position at the stock mentioned above.
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