Nov 4, 2010

Indomobil unit secures Rp180 bio loan

PT Central Sole Agency, subsidiary of auto maker PT Indomobil Sukses Makmur Tbk (IMAS), has secured Rp180 billion investment loan facility from PT PT Bank Central Asia Tbk (BCA) on October 29 2010.
The 3 year facility, without grace period, provides an annual interest rate of 10.5%.
Half of principal installment will be scheduled every month and the remaining will be paid bullet at the end of facility period. But, Central Sole Agency doesn't declare the usage of the facility.
If you look back to last month, the size of the loan facility is similar with the 9.8% shares sale of tire maker PT Multistrada Arah Sarana Tbk (MASA) by Prudent Capital. 
Prudent Capital reported a 9.8% shares sale or 600 million Multistrada shares at Rp300/share or Rp180 billion.
In a public statement to Indonesia Stock Exchange today, Prudent Capital sold the stake via PT Buana Capital, local house which is controlled by Pieter Tanuri, President Director of Multistrada. "The shares sale was intended to realize gain and investment diversified," Prudent Capital said.
Indomobil, through its subsidiary PT Central Sole Agency, is interested to buy 10% of Multistrada’s shares. The source said Buana Capital is currently under controlled by Pieter Tanuri as the President Director of Multistrada, with 60% ownership.
Based on KSEI’s data per 27 Oktober, the shareholders of Multistrada’s shares above 5% were PVP XVIII Pte Ltd as much as 26.09%, Prudent Capital Ltd with 13.46%, and The Bank of New York as Custodian with 7.23%. 

Disclosure: No position at the stock mentioned above.

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