JAKARTA: Around 157.77 million shares of PT Indomobil Sukses Tbk valuing IDR1.26 trillion were transferred to local and foreign investors at a rights issue.Such shares transfer was realized through Indonesia stock exchange with five brokerage companies acting as underwriters, namely CIMB Securities Indonesia, DBS Vickers Securities Indonesia, Deutsche Securities Indonesia, Kresna Graha Sekurindo, and Sucorinvest Central Gani.The shares crossing was at IDR8,000 per share along with the half of rights issues proceeds. The transaction price was 12.5% lower compared yesterdays Indomobil stock price. Indomobil was closed 5.17% higher to IDR9,150 per share.At such rights issue, Indomobil packed IDR2.77 trillion proceeds.The stocks from rights issue and the proceeds will be included to Indomobils cash. There are a lot of investment managers buying Indomobil stock, some of them are from Europe and Kuala Lumpur, said Jusak Kertowidjojo, Indomobil President Director.Indomobil is a company focusing on automotive distribution and provides various kinds of products and services.The company functions as the agent, distributor and dealer of several cars with the brand of Nissan, Audi, Volkswagen and commercial cars such as Hino, Volvo, Renault and Mack.After this right issue, two controlling shareholders of Indomobil, PT Cipta Sarana Duta Perkasa and PT Tritunggal Intipermata will not use 322.86 preemptive rights issue and instead sell this right to institutional investors.Indomobil will use 60% of the proceeds to reduce debt and the remainder is earmarked for business expansion and working capital, including automotive financing development, extending the network of Nissan retail branch, truck, equipment business and spare part.In the first quarter of 2011, Indomobil, controlled by Salim Group recorded 14.17% net income growth to IDR155.06 billion compared to IDR135.18 billion in the first quarter of 2010.Operating income soared by 28.22% to IDR255.82 billion from IDR199.51 billion while net revenue surged by 41% to IDR3.37 trillion from IDR2.39 trillion. In 2010, the company packed IDR10.94 trillion revenue and IDR487.29 billion net income.Appealing automotive stocksAnalyst at PT Indo Surya Securities Reza Priambada said that automotive stocks are predicted to improve until the end of this year.This positive projection occurs as this kind of stock is sensitive to interest rate decline. Such decline will influence credit for consumer and working capital structure.This year, peoples purchasing power rises in line with inflation data. One of the most prospective stocks is Indomobil.This Indomobil stock is an illiquid stock. Since the mid of last year until now, Indomobil stock is traded only in several times, he said.Most investors will chase the IMAS-coded stock in the future. (T02/NOM)
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