Bukalapak Opens Up About Placement Of Funds In Growtheum And In Allo Bank Shares Owned By Conglomerate Chairul Tanjung

Illustration. (Photo: Doc. Bukalapak)

JAKARTA - Questioning the information submitted by PT Bukalapak.com Tbk (BUKA) regarding the placement of funds in Growtheum Capital Partners SEA Fund I, LP, the Indonesia Stock Exchange (IDX) requested further explanation from the company.

Initially, information regarding the placement of BUKA funds in Growtheum was disclosed by the management of BUKA in an information disclosure on May 17, 2022 to answer the IDX's request for explanation.

BUKA management stated that its direct ownership in PT Allo Bank Indonesia Tbk (BBHI) was 11.49 percent. Then, it was also stated that BUKA does not have indirect share ownership in BBHI but has economic benefits through placing funds in Growtheum for investment in BBHI.

Regarding this explanation, IDX asked for further explanation through a letter dated May 19, 2022. In which, the things that want to be known are the Growtheum profile, the flow of the BUKA investment scheme in BBHI through Growtheum, the reason for the company's investment in BBHI through Growtheum is not considered as ownership directly, the company's percentage ownership of BBHI is directly added to BBHI's shareholding through Growtheum, and it is possible that the number of BBHI's shareholdings through Growtheum will increase in the future.

The response from the BUKA management through the disclosure of information on 23 May 2022, among others, that the company is a third (independent) party to Growtheum. Growtheum Capital Partners is a private equity firm based in Singapore with the main target of investing in Southeast Asia.

In addition, BUKA's investment in BBHI is through the purchase of BBHI shares, in contrast to investment in Growtheum which is through the placement of funds regulated in a limited partnership agreement, not through the purchase of Growtheum shares.

Regarding the reason that the company's investment in BBHI through Growtheum is not considered indirect ownership, the management of BUKA replied that the company did not buy Growtheum shares.

However, the company has taken into account the placement of funds in limited partnerships based on an accounting assessment in which the company does not have significant control and influence. Meanwhile, the company's percentage of ownership in BBHI directly plus BBHI's share ownership through Growtheum answered by the management of BUKA that the effective ownership of Bukalapak was less than 15 percent.

BUKA management also emphasizes that investment in limited partnerships is a placement of funds where the allocation of funds is not under the control of the company. Investment decisions are entirely the decisions of Growtheum's management without the involvement of the company.