PT Multistrada Arah Sarana Tbk, Indonesia-based manufacturer of automobile tires for passenger cars, light trucks and motorcycles, engaged The Hongkong and Shanghai Banking Corporation Limited (HSBC) to be financial advisor.
HSBC will help Multistrada in undertaking a formal strategic review to enhance shareholder value.
“Multistrada continues to build on its track record of delivering industry leading earnings growth even amidst significant raw material price headwinds. We have commenced this review to best position the Company for its next phase of growth and ensure shareholder value is maximized,” said President Director Pieter Tanuri.
“The review we are undertaking will consider a broad range of financial and strategic options to ensure we can meet these objectives.”
The Company has not set a definitive timetable for completion of this evaluation and the Company does not intend to disclose developments regarding this process unless its Board of Directors authorizes a formal disclosure.
Multistrada currently operates an integrated production plant with a daily production of 18, 000 units per day for passenger car and 14.000 units per day for motorcycle tire, respectively.
The company has announced plans to further expand capacity and is expected to increase daily passenger car and motorcycle tire production to 28,500 and 16,000 units per day, respectively, in the second semester of 2011.
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