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Thursday, November 3, 2011

Multistrada rights issue IDR1.53 trio

BI/market
3/11/2011
Irvin Avriano A.


Multistrada rights issue IDR1.53 trio

JAKARTA: PT Multistrada Arah Sarana Tbk, automobile and motorcycle tires producer listed company , will held rights issue worth IDR1.53 trio.

Data in their prospectus today explain the corporate action will held by issue 3.06 billion shares or 33.33% portion with nominal value IDR140 at execution price IDR500.

The price still 1.96% below last price of the Achilles tires producer IDR510 yesterday.

The company commadeered by Pieter Tanuri will use 26% from the action or IDR397.92 bio to expand its industrial forest, including rubbers plantations.

As much as 44% or IDR673.41 bio will use to buy new angine and machinery to produce automobile and motorcycle.

The 30% or worth IDR459.14 bio fund from the proceed will use to inject working capital the MASA-coded shares emitters.

Convertible bond
Besides rights issue plan, the company's management also includes afilliated transaction in the transaction series, namely the purchasing of convertible bond (CB).

The CB that will be bought by Multistrada worth IDR200 bio and will issue by PT Mutistrada Agro International, a 95% subsidiary of Multistrada.

The fund from CB issuance will be used to increase Multistrada Agro ownership in two of its subsidiaries namely PT Meranti Laksana and PT Meranti Lestari, from 45% to 60%.

Multistrada Agro is Multistrada subsidiary which incorporated in February to expand and secure the company's needs of rubbers as its main industry's raw materials.

To perform the action, the company will held extraordinary general meeting of shareholders (EGM/RUPSLB) on December 5th.

Standby buyers
Act as standby buyers are PT Equator Capital Partners, PT Central Sole Agency, and PT Buana Capital.

Equator Capital Partners related to PT Mahanusa Capital which bought by Northstar Pacific early this year.

In other way, Multistrada already got Northstar Pacific Partners which supported by TPG Capital as new investors.

The investor consortium buy 1.22 bio shares or 20% portion worth IDR691.56 bio last month.

The purchasing is includes Lunar Crescent International Inc name, entity which owned by Northstar Equity Partners III Limited (Cayman Islands), from several individual investors.

But in the prospectus' shareholders list there are no Lunar or Northstar names in it.

Their shareholders still consist of PT Indokemika Jayatama sebesar 3.81%, PVP XVIII Pte Ltd 27.72%, Central Sole Agency 11.07%, and public 57.41%.

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