JAKARTA: PT Multistrada Arah Sarana Tbk, a tire manufacturer, is seeking US$300 million-US$500 million funds to support its expansion in the next three years.The company plans to increase car tire production capacity by 57.89% to 45,000 tires per day from the target of 28,500 tires per day this year and motorcycle tire by 150% to 40,000 per day from the target of 16,000 tires per day this year, Multistradas President Director Pieter Tanuri said.In order to reach such capacity boost, the company will build new plant in Java or outside the island.Multistrada has pocketed a shareholders approval to pledge its assets to creditors such as land, building and machine to execute its expansion plan.Indomobils InvestmentMeanwhile, PT Indomobil Sukses International Tbk will focus in developing the businesses of PT Indomobil Finance Indonesia and other subsidiaries, including PT Nissan Motor Indonesia, using proceeds from a planned rights issue.The company will use 40% or IDR1 trillion of the total proceeds targeted has been to reach IDR2.5 trillion to expand its subsidiaries, while the remainder will be used to pay debt.We will allocate 20% each for Indomobil Finance and for the expansion of other network by focusing on Nissan vehicles," Indomobils President Director Jusak Kertowidjojo said after yesterday's shareholders meeting.In the shareholders' meeting, Jusak was appointed as president director replacing Gunadi Sindhuwinata.The shareholders' meeting, held last night, also gave a nod to the management to hold a rights issue to fetch IDR IDR2.77 trillion funds. (T06/NOM)
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