JAKARTA. Tires manufacturer PT Multistrada Arah Sarana Tbk (MASA) decided not to proceed with its plan of voluntary delisting and going private. However, the company would still evaluate its business plan and correspond with OJK and the exchange should they choose to go private in the future.
The decision not to proceed with the privateering plan was made after considering the regulations concerning the status change from a publicly-listed company to a private company as specified in POJK 03/2021.
The President Director of Multistrada, Steven Vette, claimed that the policy of Michelin Group in conducting global businesses is through a centralised and integrated approach so that it could gain the most out of its businesses. According to him, the integration of Multistrada into Michelin Group’s global operation would be easier if his company became a private and unlisted company at the exchange.
Multistrada previously announced its decision to go private and delist from Indonesia Stock Exchange to the Financial Services Authority (OJK) on January 5, 2021. (AM/ZH)