Gajah Tunggal “Asia’s Best Managed Company in Indonesia”

Euromoney recently named PT Gajah Tunggal Tbk as “Asia’s Best Managed Company in Indonesia”. The award was presented to Christopher Chan, president and director of Gajah Tunggal by Neil Osborn, managing director Euromoney PLC as part of the Euromoney Awards event in Singapore on 18 September.

This recognition will serve to motivate the management of Gajah Tunggal to enhance its performance going forward, Christopher Chan remarked. “We take this Award not as an end but as an encouragement to continue our quest to rebuild Gajah Tunggal to be the blue chip company that it can and should. We also have to thank the Global Capital Market in general which contributed to our drive to bring a higher level of management to this company.”

PT Gajah Tunggal Tbk. is the largest integrated tyre manufacturer in South East Asia, with a revenue of 4.834 trillion rupiahs in 2005. Nearly 50 per cent of its sales are generated from exports, with Europe and the Middle East being its largest export markets.

In an unrelated event following the announcement, Malaysian investors Global Union Fiber Investments Ltd. (GUFI) have sold half of their stake in Gajah Tunggal company to the Indonesian firm. GUFI sold 3.16 percentage points of its stake (100,108,800 shares) to Gajah Tunggal, local news sources have reported. This reportedly reduces GUFI’s share ownership from 348,480,000 or 11 per cent to 248,371,200 or 7.84 per cent.

Prior to this news some 10 per cent of Gajah Tunggal`s shares were controlled by Michelin, 24.91 per cent by Denham PTE. Ltd. and another 18.68 per cent by Garibaldi Venture Fund Limited.