Pieter Tanuri, President Director of tire maker PT Multistrada Arah Sarana Tbk (MASA), sold 72.84 million shares or 1.18% of the company's total equity at Rp545 per share or Rp39.69 billion.
In a disclosure filed to Indonesia Stock Exchange yesterday, the shares sale is intended to diversify investment. Pieter sold those shares on November 25 2011.
The company has launched a Rp1.53 trillion rights issue by issuing 3.06 billion new shares at an exercise price of Rp500 a share.
In the rights issue prospectus, each holder of two existing shares will entitle 1 rights to buy 1 new share to be issued by Multistrada, a maker of Achilles, Strada, and Corsa tires.
About 26% of the proceed will be used by the company to expand business into rubber plantation, 44% will be used to buy production facility equipments, and the remaining is used as working capital.
PT Central Sole Agency, PT Buana Capital, PT Equator Capital, Partners, and PT Sinarmas Sekuritas will act as standby buyers for the rights issue at the exercise price of Rp500. Post the rights issue, Central Sole, Buana Capital, Equator, and Sinarmas Sekuritas will hold 15.66%, 4.98%, 6.70%, and 2.87%.
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