Tunas Ridean buys Opel dealer

JAKARTA (JP): PT Tunas Ridean Tbk said on Tuesday that its subsidiary PT Tunas Mobilindo had acquired 45 percent of PT Surya Mobil Megahtama, one of Opel's authorized dealerships, last November.

"Opel has good prospects and has its own market segment that likes European cars with competitive prices," Surjanto Kardiman the operations director at Tunas Ridean said in a statement to the media.

After the acquisition, Tunas Ridean plans to open more Opel outlets in the country, Surjanto said.

Tunas Ridean is publicly listed on the Jakarta Stock Exchange and owns Toyota, BMW, Peugeot, Daihatsu and Honda motorcycle dealerships.

Company sales for new and used cars increased to 5,155 in 1999 from 4,492 in 1998. It projected this year's sales to rise by 88.1 percent, with sales reaching 8,448.

The company was confident Surya Mobil Megahtama would contribute a profit to Tunas Ridean this year, due to increased promotion by Opel Indonesia and recovery in the national car market, the statement said.

He said demands for imported cars were high, with a waiting list for delivery of between two and three months. (03)