Purchased By Conglomerate Brother Hary Tanoesodibjo, Zebra Taxi Shares Jumped 34 Percent

Conglomerate Hary Tanoesoedibjo with his older brother, Rudy Tanoesoedibjo. (Photo: Doc. Antara)

JAKARTA - The share price of a taxi company from Surabaya, PT Zebra Nusantara, shot up on Friday, March 12 before noon. Based on VOI's observation at 10.30 WIB, the ZBRA-coded stock shot to the level of IDR 143 per share, flying 34.91 percent from Wednesday's closing on March 10.

Zebra Nusantara's shares are moving in the price range of IDR 112-IDR 143 today. The market cap or market capitalization of ZBRA on the stock exchange also shot up to IDR 122.43 billion.

The increase in Zebra Nusantara's share price occurred amid the latest news about the annexation of ZBRA's majority stake by Hary Tanoesoedibjo's brother, Bambang Rudijanto Tanoesoedibjo or Rudy Tanoe.

The brother of the 33rd richest conglomerate in Indonesia acquired ZBRA through his pharmaceutical export-import company, PT Trinity Healthcare (THC). However, it should be noted, even though it is labeled a taxi company, Zebra Nusantara does not currently have a taxi fleet.

The fading of the conventional taxi business is the reason companies are switching to other businesses. Zebra Nusantara is now entering the business of distributing BBG or gas fuel to third parties.

ZBRA's performance was not striking. As of September 2020, the company's revenue was only IDR 8.86 billion, down from the same period in 2019 which was IDR 10.83 billion.

The net profit is only IDR 94.98 million from the September 2019 net loss of IDR 1.29 billion. The only practical sale of BBG is made by its subsidiary, PT Zebra Energi, to third parties.

So why did Rudy Tanoe buy Zebra Nusantara? Trinity Healthcare, which is owned by Rudy Tanoe, signed a Conditional Sale and Purchase of Shares Agreement (PPJB) with PT Infiniti Wahana (IW).

IW is the controlling shareholder in ZBRA, holding 665,186,134 shares of ZBRA, consisting of 3,400 Series A shares with a nominal value of IDR 500 per share and 665,182,734 Series B shares with a nominal value of IDR 100 per share or a total of 77.70 percent of all shares. which is placed and fully paid in ZBRA.

The PPJB agreement was signed on February 26, 2021. Based on the PPJB, Infiniti and THC agreed to buy and sell 436,627,835 Series B shares or 51 percent of the total issued and fully paid shares in ZBRA (shares sold) for IDR 56 per stock. The value is equivalent to IDR 24.45 billion.

As the implementation of PPJB, on March 9, 2021, THC as buyer and IW as a seller have completed the purchase and transfer of shares sold through the crossing in the negotiation market on the Indonesia Stock Exchange, totaling 436,627,835 shares.

Based on the disclosure of information on the IDX, Wednesday, March 10, Trinity is said to be a company established based on Deed No. 17 dated August 16, 2011. THC's business includes general trading including import-export, and retail, especially medical goods pharmaceutical goods, consumer products, distribution, online trading, logistics, and information technology which are run through the subsidiaries.

The largest shareholders, namely Rudy Tanoesoedibjo, 90 percent, Juliati Hadi 9 percent, and 1 percent owned by Rudy's son, Gary J. Tanoesoedibjo.

"The takeover is aimed at developing and diversifying ZBRA's business as well as developing business segments in the distribution trading, logistics, and information technology sectors", said the management of Trinity Healthcare.

About this acquisition, by the provisions of POJK 9/2018, THC is required to carry out a tender offer which will be carried out by the provisions of POJK 9/2018.