JAKARTA - The positive trend in the share price of PT Siloam International Hospitals Tbk (SILO) has the potential to become a source of money for the Lippo Group owned by conglomerate Mochtar Riady. Moreover, Lippo through one of its entities, namely PT Megapratama Karya Persada (MKP) routinely increases its ownership right before the stock split.
For information, SILO shares stole the market's attention after being traded at a stock split at the end of last week. The Lippo Group, which has added ownership in the last days leading up to the stock split, is also the beneficiary of this condition.
As of the close of trading on Wednesday, April 13, SILO's shares had perched at the level of IDR 1.180 per share. This reflects a trend of 9.25 percent strengthening compared to the initial price of SILO after the stock split which was around IDR 1.080 per share.
Previously, Lippo through PT Megapratama Karya Persada (MKP) was quite aggressive in purchasing SILO shares in the seconds before the stock split. Since the end of March until 2 days before the new price took effect on Wednesday 6 April, for example, MKP has purchased additional 40.85 million shares of SILO shares.
"The purpose of the transaction is to increase investment in subsidiaries, with direct share ownership status," said MKP President Director Marshal M Tisshadarma in a written statement to the stock exchange authority.
Marshal explained that MKP made purchases at a price range of IDR 7.875 to IDR 8.800 per share. Considering that SILO's stock split ratio is 1:8, it means that the price is equivalent to a value of IDR 984 to IDR 1.100 per share after the stock split.
Meanwhile, if the equivalent price is withdrawn at the current price position, it means that the potential floating profit of MKP from its 40.85 million new shares has touched the 7-19 percent range. This does not include the floating profit value that MKP also gets from its old shares.
As an illustration, the total portion of shares owned by MKP in SILO after the last purchase increased from 46.88 percent to 49.4 percent. This means that currently, the total capitalization of SILO shares owned by MKP has touched a nominal value of IDR 983.73 billion.
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SILO management previously said that their stock split was aimed at attracting more investors. Especially retail investors. The reason is that the company's share price before the stock split was considered too high in nominal terms.
The impact of these conditions makes transactions less liquid and share prices tend to be difficult to rise. In fact, at the same time, the management believed that their share price at that time did not reflect the company's fundamentals which continued to improve.
Throughout 2021, SILO's business performance was relatively classy. The company's revenue, which touched IDR 7.63 trillion, increased 33 percent from the IDR 5.75 trillion report card year-on-year (yoy).
The profit attributable to the parent entity even reached IDR 674,117 billion. This achievement skyrocketed 480 percent from the position of IDR 116.16 billion yoy.
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