JAKARTA – The plan of PT Multistrada Arah Sarana Tbk (MASA) going private has yet to obtain approval from independent shareholders. The General Meeting of Independent Shareholders held specifically for this agenda cannot meet the quorum requirements.

Based on IDNFinancials data today (5/12), go-private plan did not seem to gain enthusiastic response from the independent shareholders earlier this week (2/12). There are only 24.59% of independent shareholders present out of 33.18 million valid shares.

This also occurred on another meeting three weeks ago, on November 11, in which it only recorded the attendance of 7.20% of all valid shares owned by independent shareholders.

As of now, the controller of MASA is Socgen SA Compagnie Generale Des Etablissments Michelin by 99.64%, while non-controllers have 0.36%.

Free float is only 33.18 million shares, only 0.36% of total shares and way below standard requirements set by Indonesia Stock Exchange (IDX) authorities of 7.5%, with 647 shareholders.

As is known, MASA has been planning to go private after Michelin entered as the majority shareholder in 2022. The acquisition by this France-based company was then followed by the resignation of Pieter Tanuri, the previous ultimate shareholder. (LK/ZH)