Jan 1, 2012

Fortune boosts stake in Multi Sarana

PT Fortune Mate Indonesia Tbk, previously focusing in shoe making industry, has enlarged its stake in a property company PT Multi Bangun Sarana from an affiliated party namely PT Menara Bangun Sentosa.
Fortune Mate, which has changed its business into property sector, acquired another 48.67% stake in Multi Sarana at consideration value of Rp29.20 billion on December 28 2011, making the company a single majority shareholder.  
According to Director Teguh Yenatan at Fortune Mate, in a disclosure announcement filed to Indonesia Stock Exchange last week, the additional takeover is intended to improve the company's performance.
Multi Sarana is a holder of building permit of 300 hectares in West Surabaya. Multi Sarana has several projects such as Palm Residence, The Green Tamansari, and Palm Oasis Residence.
Who is Multi Sarana?
Tjandra Mindharta Gozali is the president commissioner at Multi Sarana. Tjandra Gozali is also controlling shareholder in PT Gozco Plantations Tbk (GZCO).
Tjandra Gozali, one of Surabayans' reachest businessmen, was born in Jember, a small city in East Java, in 1952. 
Tjandra is also a brother of Henry J. Gunawan, which owns publicly listed property developer PT Surya Inti Permata Tbk (SIIP).
Tjandra's elder son namely Kreisna Dewantara Gozali is a husband of Jean Katuari, second daughter of Eddy William Katuari, owner and founder of Wings Group. Kreisna is also Director at Gozco Plantations.
As of June 2011, Multi Sarana posted Rp2.05 billion net profit and Rp11.26 billion net sales. 
Fortune Mate is 46.67% controlled by PT Surya Mega Investindo, 23.74% stake owned by Royal Investment Holdings Co Ltd, First Property Investment (Asia) Co Ltd with 17.46% stake, and public holds 12.13% stake. Tjandra Gozali is acting as president director at Fortune Mate.
As of September 2011, Fortune Mate sufffed a Rp3.39 billion net loss,narrowed from Rp5.97 billion a year earlier. Net sales jumped to Rp15.04 billion from Rp6.14 billion.

Disclosure: No position at the stock mentioned above.

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