Indonesia’s largest automotive distributor, Astra International, has raised IDR2.8 trillion (US$286m) from the sale of a 15% stake in the country’s largest automotive component manufacturing group, PT Astra Otoparts.

Toyota Tsusho Corporation acquired a 4.9% stake in Astra Otoparts as part of the private placing while the remainder of the 15% stake was taken up by various local and foreign investors.

Astra International’s stake in Astra Otoparts is understood to have been reduced to 81% as a result of the share sale, from 96% previously. The company also controls the vehicle distribution operations of Toyota and Daihatsu and has a significant stake in Astra Daihatsu Motor, Indonesia’s largest vehicle producer.

Astra Otoparts director Robby Sani said the share sale was intended to increase the liquidity of Astra Otoparts shares on the Jakarta stock exchange.