Here’s Why Conglomerate Mochtar Riady of Lippo Group Sells Matahari Putra Shares

JAKARTA – Subsidiary owned by conglomerate Mochtar Riady of the Lippo Group, PT Multipolar Tbk (MLPL), officially released 896,327,200 shares of Hypermart retail manager, PT Matahari Putra Prima Tbk (MPPA) at Rp 404 per share.

It is equivalent to 11.9% of the total paid-up shares of MPPA. That way, the value of the share sale transaction carried out by MLPL is estimated to be around Rp362.12 billion. The transaction was made on April 6, 2021.

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Director of Multipolar, Agus Arismunandar claimed that the company has plans to reinvest proceeds from the sale of shares into MPPA, during an information disclosure to the Indonesia Stock Exchange (IDX) on Wednesday, April 14, 2021. He added that the aim is to strengthen MPPA’s capital structure in order to propel it forward to the next level of growth.

“The company has sold 11.9% ownership shares in MPPA and aims to reinvest the proceeds from the sale of shares into MPPA,” Agus said.

As initially reported, MPPA had a new investor from Singapore, namely Watiga Trust Ltd. It is recorded that Watiga Trust has purchased 537.9 million shares or 7.14% of the total shares of MPPA from MLPL.

“On April 6, 2021, MLPL conducted transactions for the company’s shares that owned a total of 896.327.200 shares at Rp404 per share,” MPPA Corporate Secretary, Danny Kojongian said in an IDX disclosure of information on Tuesday, April 13, 2021.

At the close of trade on Wednesday, April 14, 2021, MLPL shares had corrected 1.79 percent to Rp165 per share. MPPA’s shares, on the other hand, surged 10.83% to Rp665 per share.

Reporter: Drean Muhyil Ihsan

Editor: Sukirno