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. 

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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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