Morgan Stanley acquires Ometraco stake
Morgan Stanley acquires Ometraco stake
JAKARTA (JP): Morgan Stanley Capital Partners (MSCP), the
direct investment unit of the U.S.-based Morgan Stanley Group,
has expanded into Indonesia by acquiring a nine percent stake in
the publicly listed Ometraco Corporation.
Daniel Mintz, the director for MSCP's Asian operations, said
yesterday that the equity participation deal worth around US$20
million is expected to give the company more access to the
growing potential of the Indonesian economy.
"Through Ometraco, we will further identify business expansion
particularly in consumer-based industries and financial
services," he said after the inaugural ceremony of the two
companies' tie-up.
The ceremony was attended by Alen E. Goldberg, MSCP's vice
chairman, and Ferry S. Santosa, the chairman of the Ometraco
Group.
Mintz said that the direct investment, the first such
cooperation in Indonesia, was made after months of studies on
Ometraco's operational and management performance.
"We hope the tie-up will benefit Ometraco from Morgan's wide
operational networks," he said.
MSCP, which is listed on the New York Stock Exchange, has
total assets of around $110 billion.
Mintz said that the company, which has 24 overseas offices,
has a direct investment of around $1.8 billion worldwide, half of
which is placed in non-American companies located in Asia and the
Pacific.
Omteraco's president, Boyke Gozali, said that the cooperation
reflected the confidence of foreign companies not only in the
future of Ometraco but also in the prospect of the country's
macro-economy.
He said that Ometraco, which is now engaged in poultry and
shrimp feed production, pharmaceuticals, consumer products,
communication and financial services, expects to receive many
benefits from its partner not only in management skills but also
in its wide market networks.
Boyke also said that Ometraco will soon acquire a 51 percent
stake in the publicly-listed Bank Tiara to give Ometraco stronger
financial structure and wider market access.(hen)