A Company Owned By Conglomerate Patrick Walujo Sells All Of Its Shareholdings In Centratama Telekomunikasi For IDR 3.08 Trillion

The Patrick Walujo conglomerate. (Photo: Doc. Forbes)

JAKARTA - A company owned by conglomerate Patrick Walujo, Northstar Advisors Pte through Clover Universal Enterprise Ltd has officially released all of its share ownership in PT Centratama Telekomunikasi Indonesia Tbk (CENT). Clover Universal has sold 4.661.721.616 shares at a price of IDR 227 per share, which means IDR 1.05 trillion.

"The purpose of the transaction is divestment. After this transaction, Clover Universal no longer owns CENT shares or 0 percent from the previous 14.95 percent shares," wrote the Director of Clover Universal Enterprise Ltd. Sua Fong Cha, in an announcement on the Indonesia Stock Exchange, quoted Friday, March 25.

Northstar had previously divested a portion of CENT's shares on July 7, 2021. At that time, Clover Universal sold 10.29 billion shares or the equivalent of 33 percent of CENT's shares at a price of IDR 198 per share.

As a result, the transaction value at that time was IDR 2.03 trillion. If the conclusions are drawn from these 2 transactions, the total sales of CENT shares of 47.95 percent of shares reached IDR 3.08 trillion.

Clover Universal has long held CENT shares, even before the tower provider company held an initial public offering (IPO) of shares in 2015.

Based on the CENT prospectus in 2015, as much as 25 percent of the company's IPO funds were used to pay debts to Clover.

For your information, Clover is a shell company or a company established with a special purpose with its address in the British Virgin Island.

Meanwhile, the owner of Clover, namely the Northstar Group, which was founded by Patrick Walujo and Glenn Sugita, is well-known for actively investing in prospective technology companies such as Gojek, Zenius, and eFishery. One of Northstar's portfolios, namely PT Triputra Agro Persada Tbk (TPAG) also successfully held an IPO in April 2021.