JAKARTA – Compagnie Generale des Etablissements Michelin (CGEM) acquired 29.10 million shares during the tender offer for PT Multistrada Arah Sarana Tbk (MASA), which concluded yesterday (4/3).

Ritesh, Director of MASA, announced that CGEM completed its share purchase via the tender offer during the offering period, which lasted from January 20 to February 19, 2025.

"The voluntary tender offer was conducted in relation to the plan to change the company’s status from a listed public company to a privately held company," he stated in an information disclosure on Friday (7/3).

During the tender offer period, CGEM acquired an additional 29.10 million shares at a price of IDR 8,400 per share, increasing its total shareholding to 9.17 billion (99.64%) from 8.14 billion shares (99.95%). As a result, there are still some public shares that Michelin did not acquire during the offer period.

As of January 2025, MASA’s total outstanding shares stood at 9.14 billion, with the controlling shareholder holding 99.64% and non-controlling shareholders holding 0.36%, or 33.18 million shares.

With the purchase of 29.10 million shares, around 4.07 million public shares remained as of February 2025. (LK/ZH)