Jakarta - PT Multistrada Arah Sarana Tbk (MASA) acquired a 99.92% stake in PT Michelin Indonesia (MI) which is owned by Compagnie Generale Des Etablissements Michelin (CGEM). The company carried out the transaction on December 17, 2021.

Based on Multistrada's information disclosure submitted to the IDX on Wednesday (22/12), the total transaction value for the acquisition of 1,299 million shares is US$14,210 million or Rp206 billion (Bank Indonesia's middle rate as of June 30, 2021, Rp14,496).

Meanwhile, the market value of ownership of 99.92% of PT MI's shares as of June 30, 2021, is Rp217.650 billion.

This transaction is part of the group's strategy to simplify the group ownership company structure in Indonesia by providing an opportunity for MASA to continuously improve its performance.

One of them is by doing business development through PT MI. MASA plans to focus on selling with a market share abroad, while MASA will do it