Indomobil targets IDR14 trillion in sales next year

JAKARTA: Automotive distributor and assembler PT Indomobil Sukses International Tbk (IMAS) targets to generate sales as much as IDR12 trillion to IDR14 trillion in 2011, as boosted by predicted growth of automotive industry and governments commitment to ameliorate infrastructure problems.Indombil President Director Gunadi Sindhuwinata said that during the last three years, automotive sales grew by 10% at average.We predict that at the end of the year sales will reach IDR10 trillion, next year it will be IDR12 trillion up to IDR14 trillion, he told the press after an extraordinary meeting of shareholders today.Gunadi is optimistic that sales next year will increase, after the company has settled its debt this year.In the general meeting, shareholders of the IMAS-coded company agreed to convert its debt into equities (debt to equity swap) as much as IDR360 billion, which must be paid to PT Tritunggal Intipermata.It is important to know that we are no longer accountable for that IDR360-billion debt. It will surely reduce the pressure in our capital, he added.After the corporate action takes place, Tritunggal Intipermata will own 23.57% shares in Indomobil, while the shares of PT Cipta Sarana Duta will be diluted to 69.8%from 72.36%.To complete the conversion, the company release new shares to Tritunggal Intipermata as many as 40.48 million shares with price IDR8,894 each.As the restructuring completes, the normal market value for IMAS is IDR5,569 per share and the book value is IDR1,017 per share. (t04/wiw)

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