11 Nov 2005
Jakarta -- Newswires are reporting on a story from Indonesian daily paper, Bisnis Indonesia, that Singapore-based Garibaldi Venture Capital has sold a large stake in Indonesian tyre maker Gajah Tunggal to Denham Pte Ltd, of Singapore. Reports indicate that Garibaldi has reduced its stake in Gajah Tunggal to 21.11 percent, from 43.58 percent.
A year ago, Garibaldi reportedly bought a 68 percent stake in GT. Other shareholders include Groupe Michelin, with a 10 percent stake and Global Union Fiber Investment with a total stake of 11 percent.
The Bisnis report said Gajah Tunggal is aiming to increase motorcycle tyre output to 105 000 units per day in 2009 from 35 000 at present, with an investment of $50 million. It also plans to raise car tyre output to 45 000 units per day in 2008 from 30 000 now, with an investment of $100 million.
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Bisnis Indonesia story
Gribaldi Divests Stake in Indonesia's Gajah Tunggal Antara (Indonesia)
Singapore's Garibaldi sells 22.47 pct of Indonesia's Gajah Tunggal - report AFX Asia (Indonesia)
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