Team led by Suharto ally appears ready to steer Astra

Article Abstract:

A group of five businessmen who now owns 51% of PT Astra International appears ready to take the helm of the leading auto assembler in Indonesia. Pres. Suharto's close ally Mohamad Hasan will take charge, even as cigarette tycoon Putera Sampoerna is the biggest shareholder among the five, with his family having a 15% stake. Other members of the informal consortium are timber magnate Prajogo Pangestu, whose company PT Delta Mustika owns 10.68, Anthony Salim, CEO of Salim Group whose PT Indo Artsa Boga has 7.37% and Usman Admajaja, who holds a 7.33% interest through PT Danamon International. Hasan holds 10.61% through PT Nusantara Ampera Bakti, which he heads.

Management

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Astra is attracting interest

Article Abstract:

Astra International, the dominant automotive manufacturer in Indonesia, is attracting the attention of large US-based investors. The company is receiving such focus after Gilbert Global Equity and Capital and Newbridge Capital entered negotiations for the purchase of a 19.9%-share of the company that is being held by the Indonesian Bank Restructuring Agency. Analysts are advising investors to buy Astra shares but are cautioning them against quick profit expectations.

Diversified Companies, Securities issued, listed, Indonesia

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Astra's uncertain future dulls appetite for its stock

Article Abstract:

Investor confidence in Astra International's stocks have fallen because of the Indonesian government's plans to support the development of a public automobile to be built by Suharto's son, Hutomo Mandala Putra and Kia Motors. Astra's foreign shares fell from 5,000 rupiah in late Feb. 1996 to 3,600 rupiah after the announcement. The revelation of the development of the public automobile has dampened consumer interest in Astra's products.

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