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Thursday, August 25, 2011

Multistrada shares decline after offering canceled

BI/market
25/8/2011
Irvin Avriano A.
Bisnis Indonesia

Multistrada shares decline after offering canceled


JAKARTA: A car, motor, and commercial vehicle tire listed company PT Multistrada Arah Sarana Tbk's stock price corrected IDR10 in the stock market today after their shares offering canceled by the bidders.

Today, their shares decline 1.82% to IDR540 level after the bidding dispersed after South Korea-based Hankook Tire Co, Japan-based Yokohama Tire Corp, and private equity fund TPG Capital (formerly named Texas Pacific Group) can not reach a deal, related to low bid price that only stands on IDR500. The matter was reported bu Bisnis Indonesia newspaper this morning.

The price that been request is far lower than the initial majority shareholder has been expected namely PVP XVIII Pte Ltd and PT Central Sole Agency, at IDR800 level. PVP XVIII are affiliated to Indomobil Group, owned by Salim business family.

The MASA closing shares price position formed its market cap IDR3.3 trio and formed its price to earnings ratio (PER) as much as 15.84 times.

The Achilles, Corsa, and Strada tires producer is commandeered by Pieter Tanuri, whose have been formed up his carrier as director of PT Trimegah Securities Tbk, a listed securities company, and become TRIM coded-shares company president commissioner from 2004 to 2007.

Right now, Tanuri also served as president commissioner in PT Buana Capital, another securities company since 2010 and become member of board of commissioner in PT Philadel Terra Lestari since 1997.

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