Conglomerate Mochtar Riady's Family Company Sells 650 Million Multipolar Shares Worth Rp292 Billion, Why?

JAKARTA - PT Inti Anugerah Pratama, which is the controller of PT Multipolar Tbk (MLPL), sold 650 million shares in MLPL. Inti Anugerah Pratama is a company owned by the Riady family, the founders of the Lippo Group.

In MLPL's information disclosure on the Indonesia Stock Exchange website, quoted on Wednesday, June 9, Inti Anugerah Pratama President Director Eddy Harsono Handoko said the sale was made on June 3 at a price of Rp 450 per share.

Thus, the sale value of the 650 million MLPL shares is Rp292.50 billion. The number of Inti Anugerah shares in MLPL became 10,780,066,906 (73.64 percent) from the previous 11,430,066,906 shares (78.08 percent).

"The transaction date is June 3, 2021, the price is Rp 450/share, the purpose of the transaction is divestment and direct share ownership status," said Eddy.

Last August, Inti Anugerah, who is also a shareholder of PT Lippo Karawaci Tbk (LPKR), increased his share ownership in LPKR.

Based on data from the Share Ownership Change Report submitted by PT Sharestar Indonesia, it was stated that as of July 30, 2020, at that time, there was a change in LPKR's share ownership portion.

Inti Anugerah Pratama purchased a total of 1 billion shares, bringing the company's share in LPKR to 26.15 percent or 18,557,156,727 shares, from 24.76 percent or 17,557,156,727 shares.

In relation to the sale of MLPL shares, it is not stated which investor the sale of these shares will be absorbed by. As for MLPL's shares, on Tuesday, June 8, trading was temporarily suspended (suspension) by the Exchange, for trading on the regular market of cash market funds.

This suspension of share trading will be in effect until the next exchange notification. The policy to temporarily suspend trading was due to a significant cumulative price increase in the shares of the company belonging to the Lippo group.

"The exchange urges interested parties to always pay attention to the disclosure of information submitted by the company," wrote the letter signed by PH Head of the IDX Transaction Supervision Division Endra Febri Styawan and PH Head of IDX's Trading Operations & Regulation Division Yayuk Sri Wahyuni.