For Digital Support, MPM Owned By Conglomerates Edwin Soeryadjaya And Sandiaga Uno Sells A Rental Business Unit To A Singapore Company For IDR 783.78 Billion

Conglomerates Edwin Soeryadjaya and Sandiaga Uno. (Photo: Doc. Twitter @sandiuno)

JAKARTA - PT Mitra Pinasthika Mustika Tbk (MPMX) has sold most of its shares in one of its business units to Trusty Cars Pte. Ltd. Trusty Cars is a company that operates Carro, a Southeast Asian used car online marketplace headquartered in Singapore.

In an information disclosure to the Indonesia Stock Exchange (IDX), quoted on Monday, June 6, the company owned by conglomerates Edwin Soeryadjaya and Sandiaga Uno released 49.99 percent of PT Mitra Pinasthika Mustika Rent (MPMR) shares. Its value reached 53.76 million US dollars or equivalent to Rp. 783.78 billion.

MPMR is a limited liability company with the status of a privately held company. The company was founded and runs its business activities in Indonesia.

The scope of MPMR's business activities is to engage in vehicle and driver rental, vehicle auctions, and used car sales.

With this transaction, MPMX's share ownership in MPMR will be 50 percent and the rest will be controlled by Trusty Cars.

MPMX's management explained that the release of 50 percent of MPMR shares is in line with the community's need for convenient transportation. Management believes that the car rental and used car buying and selling industries have positive growth prospects.

However, this is inseparable from industry challenges, including in the face of the digitalization era. In the future, the company believes that the growth of the transportation industry requires the support of a digital platform which is expected to improve better services, to answer consumer needs which are increasingly leading to the convenience of digital platforms.

After the divestment transaction becomes effective, with the company's experience and the support of Carro's digital platform, the company hopes to be able to integrate the MPMR business and its subsidiaries.

"Especially in the context of improving services so as to create business synergies which are expected to support the improvement of the company's consolidated financial performance in the future and provide added value for all shareholders of the Company," wrote MPMX management.