JAKARTA – PT Multistrada Arah Sarana Tbk (MASA) takes over 99.99% of Campigne General Des Establishments Michelin’s (CGEM) shares in PT Michelin Indonesia (MI), the motor vehicle tires importer.
Ade Nofita, Corporate Secretary of Multistrada Arah Sarana, announced that the transfer of CGEM’s shares to the company aims to simplify its structure and thus would not affect its finance and operation. “There is no requirement for a Mandatory Tender Offer (MTO) as the Financial Services Authorities regulations stated regarding the public company takeover. It is because MI, as the target company, does not acquire shares in the company (MASA),” Nofita explained in the information disclosure quoted Monday (15/11).
Previously, MI’s shareholders consisted of CGEM by 99.9% and Nitor SA by 0.1%. CGEM is the shareholder of both MASA and MI. After this acquisition, MI would be under MASA, whose parent company is still CGEM. “There are no changes in the company’s shareholders before and after the acquisition of CGEM’s shares in MI,” Nofita once again reassured. (LK/ZH)