JAKARTA (TheInsiderStories) – Investment company under Lippo Group, PT Multipolar Tbk (IDX: MLPL) has sold 11.90 percent shares of PT Matahari Putra Prima Tbk (IDX: MPPA) in stages, the director announced in this week. The shareholder sold the shares at Rp404 a unit or in total Rp362.11 billion (US$24.97 million).
According to the director, Agus Arismunandar, after the transaction, their ownerships reducing from 50.23 percent to 38.33 percent. He conveyed that the purpose of the transaction is to reinvest in the unit.
The manager of Hypermart, Foodmart, and HyFresh also plans to increase the capital through rights issue scheme. Early of January, Anderson Investments Pte. Ltd., a business entity of Temasek Holdings (Private) Ltd., took over 19 percent of the shares of Matahari.
The spokeswoman of Multipolar, Natalie Lie, said that her party had entered into the exchange rights placement agreement on Jan. 31, 2013, with Anderson and Prime Star Investment Pte. Ltd., which was later amended by a cooperation agreement on Feb. 2, 2018. 100 percent shares of Prime Star owned by the company.
Based on the cooperation agreement, the unit issued exchangeable rights with total valued $300 million and has been taken and paid in full by Anderson on Feb. 18, 2013. The rights has be changed into 19 percent of Matahari shares in Jan. 31, 2021.
In this year, the company owned by Lippo Group optimistic the sales could grow by 10 percent despite the COVID-19 pandemic. Beside, to make an efficiency, the store manager has temporally suspended several outlets. The issuer also carried out several business strategies, like strengthening the omni channel and digital shopping services.
Danny Kojonginan, director of Matahari, said the contribution of online sales is targeting around 10 – 15 percent by the end of this year. In the second quarter of 2020, sales of the company dropped from Rp4.6 trillion (US$328.57 million) to Rp3.6 trillion and booke a net loss of Rp219.25 billion from a year ago loss Rp186.8 billion.
The issuer owned retail chain Hypermart, Hyfresh, and Foodmart. While, the parent, Multipolar as an investment company that focuses on the retail and telecommunications, multimedia and technology segments, the investment company is still looking for new opportunities in start-up companies, especially in the health and travel sector.
The parent of Matahari also opens opportunities for local and foreign investors who wish to become strategic partners or invest in their subsidiaries. The company has an investment portfolio in Matahari, PT Matahari Department Store Tbk (IDX: LPPF), PT Multipolar Technology Tbk (IDX: MLPT), and PT First Media Tbk (IDX: KBLV).
Multipolar also controls 100 percent of shopping center and office management companies, such as PT Nadya Putra Investama and PT Matahari Pacific. Also indirect ownerships of Mbiz’ e-commerce shares. The technology firm is optimistic that its business entities will experience sustained growth.
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