Three potential shortlisted bidders namely Texas Pacific Group (TPG), Hankook Tire Group, and Yokohama Tire Corporation are schedule to propose their final bid for 40% stake in tire maker PT Multistrada Arah Sarana Tbk (MASA).
Two executives familiar with the matter said Multistrada is now helped by Hongkong amd Shanghai Banking Corporation (HSBC) as financial adviser.
"The floor price for 40% shareholding in Multistrada is set at Rp600 per share," the sources said as quoted by Bisnis Indonesia today.
Even Goh, Head of Investor Relations at Multistrada, said there is no such bidding process to sell Multistrada. "Where did you hear about the information? So far, there is no such bidding process," he said.
However, in fact, Multistrada stocks have peaked and reached the highest level ever at Rp590 on July 7 in the last 5 years. The higest level reflected a 14.82x of estimated PER this year.
Disclosure: No position at the stock mentioned above.
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