Update: Astra CEO dies, little market impact seen
JAKARTA - The chief executive of Astra International, Indonesia's leading automotive distributor and a market heavyweight, died on Wednesday, an Astra official said.
CEO Michael Ruslim, 56, died of dengue fever and other complications early on Wednesday morning in a Singapore hospital, Astra's spokesman Yulian Warman said.
Astra International, which has a market capitalisation of US$15.9 billion and about a 7 per cent weighting in the local stock market's benchmark index, is considered one of Indonesia's better-managed companies and more liquid stocks.
'It's sad, but there won't be any impact as it's probably one of the more structured corporate managements,' said James Bryson, a Jakarta-based fund manager at HB Capital.
'It's one of the more direct plays on domestic consumption, and one of the larger cap stocks that foreign investors like.'
Astra International sells cars and motorcycles, and its main units include PT Astra Agro Lestari, a leading palm oil producer, and PT United Tractors, a heavy equipment producer and coal mine contractor.
Reuters data shows the company has outstanding loans amounting to about US$496 million but has no bonds issued.
Astra International shares slightly underperformed the broader market by falling 0.8 per cent to 35,900 rupiah (US$3.88) at 0319 GMT against the market's 0.5 per cent gain.
Mr Ruslim 'passed away in Singapore this morning at 0708 Singapore time', spokesman Warman said, adding that Mr Ruslim had been admitted to hospital in Jakarta on Saturday and then transferred to Mount Elizabeth hospital in Singapore on Monday. -- REUTERS
JAKARTA - The chief executive of Astra International, Indonesia's leading automotive distributor and a market heavyweight, died on Wednesday, an Astra official said.
CEO Michael Ruslim, 56, died of dengue fever and other complications early on Wednesday morning in a Singapore hospital, Astra's spokesman Yulian Warman said.
Astra International, which has a market capitalisation of US$15.9 billion and about a 7 per cent weighting in the local stock market's benchmark index, is considered one of Indonesia's better-managed companies and more liquid stocks.
'It's sad, but there won't be any impact as it's probably one of the more structured corporate managements,' said James Bryson, a Jakarta-based fund manager at HB Capital.
'It's one of the more direct plays on domestic consumption, and one of the larger cap stocks that foreign investors like.'
Astra International sells cars and motorcycles, and its main units include PT Astra Agro Lestari, a leading palm oil producer, and PT United Tractors, a heavy equipment producer and coal mine contractor.
Reuters data shows the company has outstanding loans amounting to about US$496 million but has no bonds issued.
Astra International shares slightly underperformed the broader market by falling 0.8 per cent to 35,900 rupiah (US$3.88) at 0319 GMT against the market's 0.5 per cent gain.
Mr Ruslim 'passed away in Singapore this morning at 0708 Singapore time', spokesman Warman said, adding that Mr Ruslim had been admitted to hospital in Jakarta on Saturday and then transferred to Mount Elizabeth hospital in Singapore on Monday. -- REUTERS
