Indonesia’s largest automotive components manufacturing group, PT Astra Otoparts, announced plans to issue new shares in May to raise funds to pay off debt and for business expansion.

The group, 96%-owned by Indonesia’s largest vehicle distributor – PT Astra International - consists of around 30 joint ventures operating in the Indonesian automotive original equipment and aftermarket sectors. 

Astra Otoparts expects to raise IDR 3.1 trillion (USD 320 million) with the issue of issue of 1.4 billion new shares in a limited public offering. 

It recently signed an agreement to acquire a 51% stake in Indonesian aluminium wheel manufacturer PT Pakoakuina. Pakoakuina also has stakes in steel wheel manufacturers PT Inkoasku and PT Palingda Nasional. 

Group sales revenues last year increased by 13% to IDR 8.3 trillion, generating net profits of IDR 1.14 trillion.

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