• Gajah Tunggal sets a target of 25% YoY growth in revenue this year to Rp2.2tn from Rp1.7tn in 2009. The company believes its step in increasing an off take agreement with Michelin to 3mn tires from 2mn tires would be the strong driver for Gajah Tunggal to achieve its revenue growth target.
• With the new agreement, the company sees sales volume to increase by 12.0% YoY to 31.2mn from 27.9mn last year.
• Furthermore, the company had allocated US$40mn of capex to support Gajah Tunggal business this year. All of the apex will be financed from the company’s internal cash.
• Apart of its main business, the company plans to continue its plan to divest 28.91% of Polychem Indonesia as this plan has been postponed since 2007.
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