According to the bank document, "the proposed investment is a convertible loan of up to US$70 million equivalent (for 15-20% fully converted equity interest) to PT Adi Sarana Armada (ASSA or Group), a transportation and logistics services provider in Indonesia, to support e-commerce logistics scale-up for the E-logistics division PT Tri Adi Bersama (Anteraja) (the “Project”)".
The IFC investment of up to IDR 450 billion (~US$31.4 million) will provide growth capital for the scale-up of ASSA’s express logistics subsidiary and overall expansion of ASSA’s logistics business.
PT Adi Sarana Armada (ASSA) is a transportation and logistics service provider in Indonesia, listed on the Indonesia Stock Exchange. ASSA provides transportation solutions that include longer-term corporate car rentals and vehicle disposal (through the largest vehicle auction platform in Indonesia), as well as services for fleet management, logistics, and driver management. ASSA is a majority-owned subsidiary of the Triputra Group, a local business conglomerate.
ASSA has multiple legal subsidiaries structured around the particular business licenses required for different aspects of its operations:
1) PT Duta Mitra Solusindo is the company that manages drivers for the car rental services;
2) PT Adi Sarana Logistik (ASL) is the non-active logistics company, with fleet logistic services managed through ASSA;
3) PT Adi Sarana Lelang (AS Lelang) is a non-operational car auction company established to manage the auction business through the joint venture with Japanese investors (Sumitomo and Mitsui) of PT Japanese Bike Auction Indonesia (JBAI);
4) PT Adi Sarana Properti (ASP) is a non-active entity created to manage the property portfolio of the car auction and e-commerce businesses;
5) PT Tri Adi Bersama (TAB) is the entity created to manage the e-commerce division, entitled Anteraja;
6) PT Adi Sarana Investindo (ASI) is a boutique investment company and non-active at the time of this appraisal;
7) ASSA Employee Cooperative is an entity established to support employees with small loans and other support and is non-active at the time of this appraisal.
|Private Actor 1||Private Actor 1 Role||Private Actor 1 Sector||Relation||Private Actor 2||Private Actor 2 Role||Private Actor 2 Sector|
|-||-||-||-||ASSA Employee Cooperative||Subsidiary||-|
|-||-||-||-||PT ADI SARANA ARMADA TBK||Client||-|
|-||-||-||-||PT Adi Sarana Investindo||Subsidiary||-|
|-||-||-||-||PT Adi Sarana Lelang||Subsidiary||-|
|-||-||-||-||PT Adi Sarana Logistik||Subsidiary||-|
|-||-||-||-||PT Adi Sarana Properti||Subsidiary||-|
|-||-||-||-||PT Duta Mitra Solusindo||Subsidiary||-|
|-||-||-||-||PT Tri Adi Bersama||Subsidiary||-|
|-||-||-||-||Triputra Group||Parent Company||-|
The Project Contact
PT Adi Sarana Armada Tbk
Chief Financial Officer
+62 (21) 6530 8811
Graha Kirana Lt. 6Jl. Yos Sudarso No. 88Jakarta Utara 14350, Indonesia
General IFC Inquiries
2121 Pennsylvania Avenue, NW
Washington DC 20433
Local Access for Project Documentation
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