Disbursing IDR 500,5 Million, Suharno Tan Purchased 800 Thousand Shares Of Retail Company Owned By Conglomerate Kuncuro Wibowo, Ace Hardware

JAKARTA - Director of PT Ace Hardware Indonesia Tbk (ACES) Suharno Tan has purchased 800,000 ACES shares. He did that last Friday, August 5th.

Shares were purchased at a price of IDR 685 per share for 300,000 shares and IDR 690 per share for the remaining 500,000 shares. Thus, the funds that Suharno reached for this transaction reached IDR 500.5 million.

Through this purchase, Suharno's total share ownership in ACES increased from only 430,000 shares to 1.23 million shares. The investment objective is not stated by ACES management in the information disclosure submitted on the Indonesia Stock Exchange (IDX).

"The status of share ownership is immediate," said ACES Corporate Secretary Helen Tanzil, quoted Tuesday, August 9.

In their research, Indo Premier Sekuritas analysts Kevie Aditya and Andrianto Saputra said that the weakening of ACES's stock price reflected its weak fundamental performance.

"We think the falling stock price reflects investors' expectations on ACES' performance," they said in the research.

The financial report of the retail company owned by the conglomerate Kuncoro Wibowo shows that sales in the first semester of 2022 fell 2.58 percent year-on-year to IDR 3.30 trillion from IDR 3.39 trillion in the same period in the previous year.

Although the cost of goods sold also decreased by 1.78 percent to IDR 1.71 trillion, ACES' gross profit continued to contract to IDR 1.59 trillion, 3.42 percent lower than the first semester of 2021 at IDR 1.65 trillion.

The profit for the period attributable to owners of the parent entity ACES decreased 12.47 percent to IDR 242.39 billion, from IDR 276.93 billion in the same period in the previous year.