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Indomobil divests 15% stake in Primus
The Jakarta Post , Jakarta | Thu, 05/18/2006 12:37 PM | Business
JAKARTA: Auto distributor PT Indomobil Sukses International has announced that financing firm PT Primus Financial Services (PFS) is no longer a subsidiary of the company.
The change in status became effective on April 6, after Indomobil sold 7,500 of its shares in PFS, or a 15 percent stake, to car distributor PT Ford Motor Indonesia.
The sale itself, which was approved by a PFS shareholders meeting, was carried out after a change in the global business strategy of PFS's controlling stakeholder conflicted with Indomobil's interests. -- JP
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