JAKARTA (TheInsiderStories) – Indonesian retailer, PT Mitra Adiperkasa Tbk (IDX: MAPI) has transfer MAP Active Adiperkasa Ltd., shares to Singapore firm, Athletica International Holdings Pte. Ltd., worth of THB105 million (US$3.38 million). The number of shares has been transferred was 999,998 unit or equal to 99.99 percent of the company’ shares.
The two companies and PT Map Aktif Adiperkasa Tbk (IDX: MAPA) are controlled companies under the company with ownership amounting to 99.99 percent direct shares in MAP Active, 68.84 percent direct shares in MAPA and 100 indirect shares in Athletica.
“By consolidating the ownership of MAP Active shares under MAPA, the internal restructuring is expected to provide business synergy between MAPA and its subsidiaries that has similar business activities,” wrote management on Tuesday (08/04).
Last April, Athletica and ASG Holding Co., has give loans to MAP Active Philippines Inc., with total values of $3 million to strengthen its retail business in the Philippines. The loan have a tenor five years with an interest rate of 7.15 percent per annum.
In the first half (1H) of 2020, Mitra Adiperkasa‘ their financial results have been significantly affected by mall closures and slowdown in consumer demand due to the pandemic. The company reported a decline in net revenue of Rp6.79 trillion (Rp468.72 million) from Rp10 trillion in 1H of 2019.
Gross profit margin also fell from 49.3 to 42.6 percent, operating loss was Rp330.9 billion, and EBITDA declined 35.5 percent to Rp893.9 billion compared to Rp1.39 trillion in 1H of 2019. Mitra Adiperkasa’ booked a net loss during 1H of 2020 worth of Rp455.8 billion.
Incorporated in 1995, MAPO is a lifestyle retailer in Indonesia with over 2,600 retail stores and a diversified portfolio. Apart from retailing, the company is also a leading distributor for sports, kids and lifestyle brands.
US$1: THB31.01, Rp14,500
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