Sep 8, 2011

Gajah Tunggal to sell Polychem?

It is not a fresh from the oven story that one of Indonesia's tire maker PT Gajah Tunggal Tbk (GJTL) aims to dispose the whole stake of 26.25% in PT Polychem Indonesia Tbk  (ADMG), a reverse from the previous strategy to sell Polychem in several stages.
For many years, Gajah Tunggal said that the company is looking a strategic partner for Polychem. But, the realization is nothing.
According to Director and Corporate Secretary Catharina Widjaja at Gajah Tunggal, the market value of Polychem that is owned by Gajah Tunggal is about US$80 million.
"We prefer to sell Polychem via block sale after we sold 2.65% stake. We expect to realize the plan next year as we are looking for strategic partners for Polychem," she said.

Disclosure: No position at the stock mentioned above.

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