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Gajah Tunggal shareholders appoint new CEO
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A model poses in front of a new tire produced by Gajah Tunggal on June 30, 2015. (Kompas.com)
P
ublicly listed tire maker Gajah Tunggal Tbk has promoted its former chief operating officer Budhi Santoso Tanasaleh to the position of president director, replacing Christopher Chan who has moved to the vice president commissioner post.
Gajah Tunggal corporate secretary Catharina Widjaja said the decision had been approved at the firm’s annual general shareholders meeting. She said the company did not pay dividends to shareholders as it had suffered Rp 313 billion losses in 2015 due to the weakening rupiah.
Catharina said that she was optimistic tire exports would grow this year, especially those to the US. Apart from the US market, the company also supplies tires to Europe, the Middle East and Asia.
“This is because the US is imposing anti-dumping tariffs on tires imported from China. It is an opportunity for countries outside China to expand their tire exports,” she said in Jakarta on Tuesday.
The company booked US$420 million from tire exports to the US in 2015. In the first quarter of the year, exports to the US market represented 72 percent of the firm’s total export revenue.
Known by its brand GT radial, Gajah Tunggal plans to export 47 percent of its production this year, a 4 percent increase from 43 percent in 2015. The firm is allocating $80 million for capital expenditure this year. (sha/ags)
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Editor's note: the first and the sixth paragraphs have been rectified, regarding to Mr. Christopher Chan's new position in Gajah Tunggal and the value of tire exports to the US in 2015.
