Singapore-based investment holding company, Gallant Venture, is offering to buy out minority investors in Indomobil Sukses International in an effort to consolidate control of one of Indonesia’s largest vehicle distributors.
One of Gallant Venture’s key shareholders is the Salim Group, which controlled Indomobil until the 1998 Asian financial crisis. The company acquired a 52.4% stake in Indomobil early this year – the rest of the equity is controlled by Cipta Sarana Duta Perkasa, an Indonesian private investment holding company.
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Gallant said its wants to expand the portfolio of activities of Indomobil Sukses International to make the most of Indonesia’s strong economic growth.
Indomobil is the distributor of Suzuki, Audi, Volkswagen, Nissan, Volvo, Hino, Foton and Volvo Trucks in Indonesia, as well as Suzuki motorcycles.
Gallant offered IDR 5,426 per share compared with the previous day’s closing price of IDR 5,250.
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