Multipolar, The Company Owned By The Conglomerate Mochtar Riady, Amsyong IDR 146 Billion From Investment In Matahari

JAKARTA - A company from the Lippo Group, PT Multipolar Tbk (MLPL) conveyed the reason for the decline in investment by 6 percent or equivalent to Rp. 146 billion for the financial year ending December 31, 2020.

MLPL's Corporate Secretary, Natalie Lie revealed, the decrease in investment in associates was due to a decrease in the book value of investments in PT Matahari Department Store Tbk (LPPF) of around Rp.

For information, Matahari Department Store Matahari recorded a net loss of IDR 823 billion in 2020. This value is far from the profit of IDR 1.37 trillion in 2019.

"Losses caused by the temporary closure of almost all Matahari Department stores for several months in 2020 follow the government's policy in limiting the spread of COVID-19," said Natalie Lie, in her explanation to the Indonesia Stock Exchange (IDX), quoted Monday, June 14.

Natalie explained, as a company that focuses on investment, the company is proactive and constantly looking for investment opportunities, including in associates and long-term investments.

"The company will always consider additional investment, if any, especially in sectors and companies that have bright future prospects, including from associates who plan to increase capital," he explained.

Furthermore, Natalie said, the plans will be evaluated in accordance with the commercial aspect and in 2021 there are no concrete plans that are included in the company's expansion agenda.

"We will continue to adhere to the precautionary principle, especially in the midst of the ongoing COVID-19 pandemic," he explained

The controller of MLPL is PT Inti Anugerah Pratama (IAP). IAP is a limited liability company under the control of the family conglomerate Mochtar Riady. Eddy Harsono Handoko is the Director of IAP.

Currently, IDX is still temporarily suspending Multipolar stock trading. The stock exchange authority suspended MLPL shares in the first trading session yesterday, Tuesday, June 8, 2021, in the regular market for cash market funds.

This temporary suspension of trading policy was due to a significant cumulative price increase in the shares of the company belonging to the Lippo group.

Currently, the price of MLPL is at Rp 675 per share after trading on Monday 7 June closed up 17.39 percent. In the last six months this stock has strengthened to 850.70 percent.