Home News Indonesia’s Sinar Mas Sell 15% Century Tokyo Leasing to Lippo

Indonesia’s Sinar Mas Sell 15% Century Tokyo Leasing to Lippo

PT Sinar Mas Multiartha Tbk (IDX: SMMA) sold 15 percent of PT Century Tokyo Leasing Indonesia shares to PT Lippo Securities Tbk (IDX: LPPS) - Photo by Matahari Mall

JAKARTA (TheInsiderStories) – A financial company, PT Sinar Mas Multiartha Tbk (IDX: SMMA) sold 15 percent of PT Century Tokyo Leasing Indonesia shares to PT Lippo Securities Tbk (IDX: LPPS), said the company on Tuesday (01/21). The transaction has valued Rp66.32 billion (US$4.73 million) and has been signed on Jan. 20.

On Sept. 28, 2016, the insurer bought a 15 percent stake in the leasing company by paying Rp45 billion in capital. After the share sale, said firector of Sinar Mas Multiartha, Kurniawan Udjaja, 85 percent of the leasing company shares still hold by Japan’ Tokyo Century Corp.

The buyer, Lippo Securities owned by PT Inti Anugerah Pratama, a holding company belong to Riady family (67.5 percent). In 2019, the Lippo Group’ investment manager company has turn its main business activities into a holding company of a financial conglomerate that oversees several companies in the financial services sector.

Since 2017, Tokyo Century has made a strategic partnership with Lippo Group, by investing about $116 million in PT Bumi Cakrawala Perkasa (BCP), an electronic money and point services company. BCP is a shareholder in PT Visionet International, focusing on providing IT backbone services through OVO applications.

The Chinese-Indonesian conglomerate primarily covering real estate business, retail, IT and mass media, hospital and finance. Over 400 affiliates in Indonesia and overseas (20 companies are listed). While, Tokyo Century managed three companies namely PT Century Tokyo Leasing Indonesia, PT TCT Indonesia and PT Hexa Finance Indonesia.

While, unit of the Sinar Mas Group, has become a shareholder of PT Bank China Construction Bank Indonesia Tbk (IDX: MCOR), a merged bank between PT Bank Windu Kentjana International Tbk. and PT Bank Antardaerah in 2016. The company also has acquired 15 percent shares of PT Sinar Mitra Sepadan Finance, a finance company controlled by Japan’ ORIX Corporation with worth of Rp96.19 billion.

Century Tokyo Leasing was established in February 2011 through a joint venture between Tokyo Century, Century Tokyo Leasing Corp., and PT ITC Auto Multi Finance. In Indonesia, the company provides investment, working capital, multipurpose, and other financing facilities.

US$1:Rp14,000

Written by Staff Editor, Email: theinsiderstories@gmail.com