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Tuesday, February 22, 2011

Multistrada open rights issue possibility

Irvin Avriano A.
Bisnis Indonesia

Multistrada open rights issue possibility

JAKARTA: PT Multistrada Arah Sarana Tbk, a listed tire producer, open possibilities to held a rights issue as soon as March or April, together with taking bank loan or internal cash to fund its plan to establish a new subsidiary.

Multistrada President Director Pieter Tanuri said the company also intend to pick a new director or division head to taking care of the new subsidiary, that will be proposed on the nesxt extraordinary general meeting of shareholders (EGM).

"The EGM looks like will be held as soon as March or April, we'll see. The plan to acquire or buy a rubber plantations and to build new rubber processing plant will be decided on that next EGM," said him to the press after the company held an EGM today.

The today EGM decided to allow the Corsa, Strada, and Achilles brand tire producer to expand its business line to manage rubber forestry, so the company can cut expenses from buying its raw materials process.

He said the management also predicted the new division will allow the company to economize up to 15%--20% from rubber price. Pieter also explain the plan was intend to help farmers get higher price in the middle of strengthening global rubber price.

Today's EGM also appoint two director, namely Wayah Surya Wiroto, an ex-Bina Nusantara University vice chancellor, and Andreas Handoyo, an ex-PT Astra Daihatsu Motor management team. Wayah planned to strengthened its human resources by control a training center that will placed near the company's factory, while Andreas will strengthened its factory quality.

Multistrada produce predicted to increase to 8 million car tires this year from previously only 6.5 mio car tires in 2010. The numbers also predicted to increase next year to 10 mio level. The motorcycle tire producing also could increase to 8 mio next year.

Even Go, Multistrada Investor Relations, also predict last year revenue can be over IDR2 trillion, from previously only IDR1.6 trio in 2009.

Pieter also said the company still open possibility to hike up its tire sales price if its raw material, the rubber price, still hike.



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