Shares in PT Astra Otoparts dropped as much as 5.88 percent on Thursday after its parent company, PT Astra International, announced a stake sale in the automotive spare parts distributor.
Astra International, controlled by Singapore’s Jardine Cycle & Carriage Ltd, expects to raise 2.8 trillion rupiah ($285.64 million) by selling 15 percent in Astra Otoparts through a private placement, said director Robby Sani.
Indonesia’s main vehicle distributor and biggest listed company by market cap will sell 754 million shares at 3,750 rupiah per share, and 5 percent of the stake sale will be bought by Toyota Tsusho Corp.
Shares of Astra Otoparts were down 0.59 percent at 4,225 rupiah, while Astra International was up 0.69 percent at 7,250 rupiah. The broader Jakarta Composite Index was up 0.01 percent.
1005 (0305 GMT) (Reporting by Andjarsari Paramaditha, Editing by Subhranshu Sahu)