Rajawali Unloads Infra Shares onto Matahari Kapital

Photo by Nusantara Infrastructure

JAKARTA (TheInsiderStories) – Indonesian conglomerate Rajawali Corpora has sold 21 percent of PT Nusantara Infrastructure Tbk (IDX: META) or 3.2 billion shares, for Rp864 billion (US$65.45 million) to local investor Matahari Kapital Indonesia (MKI). The purchase of META’s shares was concluded through BCA Sekuritas brokerage, at Rp270 per share.

The price is considered premium, considering the current META stock price in the regular market is only around Rp 192 per share, based on Indonesia Stock Exchange transaction data.

META shares are traded in the market crossing BCA securities (SQ) as buyers and Credit Suisse securities (CS) as sellers. The transaction was conducted in 4 tranches, with 67.67 million shares going for Rp 1.6 trillion.

The initial transaction saw over 20 billion shares in motion; the second moved 12 billion shares, while the third and fourth transactions counted 20 billion and 14 billion shares of META, respectively.

“To our knowledge, Matahari Kapital Indonesia is a company affiliated with Ramdani Basri and META Management,” Satrio Tjai, Managing Director of Rajawali Corpora, told The Insider Stories. Ramdani is the current META President Director.

Established in 2006, Nusantara Infrastructure as an integrated infrastructure company in Indonesia which started its first development project in the toll road sector and has expanded its portfolio into ports, energy, water and telecommunication towers.

Last year. Rajawali  entered into a Sale and Purchase Agreement (SPA) with Malaysia’s Federal Land Development Authority (FELDA) through its wholly-owned subsidiary, FIC Properties Sdn Bhd (FICP) to sell a significant stake in Rajawali’s PT Eagle High Plantation Tbk (IDX: BWPT), one of Indonesia’s largest listed palm oil companies.

Under the SPA, FICP will acquire a 37 per cent stake in the Jakarta-listed BWPT, for a total consideration of $505.4 million.

Rajawali Corpora (RC) is a leading investment holding company based in Jakarta, Indonesia and founded by Peter Sondakh. The corporation was established in 1984 and has developed into a regional player, with a proven track record and significant milestones. (CS)

Writing by Linda Silaen, Email: linda.silaen@theinsiderstories.com