Spending IDR 21 Billion, A Company Owned By The Conglomerate Mochtar Riady Affirms That They Are Not Controlling Ruangguru

Illustration. (Photo: Doc. Antara)

JAKARTA - Lippo Group, through PT Multipolar Tbk (MLPL), has spent IDR 21 billion on startup Ruangguru. Currently, the company owned by the conglomerate Mochtar Riady stated that it already has 3.38 percent ownership in the online education startup platform.

"The company through its subsidiary, PT Nusa Jaya Cipta, has invested in Ruangguru worth approximately IDR 21 billion with a current ownership percentage of 3.38 percent", said MLPL President Director Adrian Suherman, quoted from the information disclosure letter on the Indonesia Stock Exchange website. (IDX), Thursday 27 May.

Adrian explained that this corporate action is one of the company's investments in the digital startup field. Investment is in line with the company's vision to be oriented in digital business.

"We believe this investment will generate good returns, which we will convey in due time", he said.

On the same occasion, he also emphasized that the company is not the controlling party of Ruangguru. According to Adrian, the decision has no impact on the company's operational performance and financial performance.

He also said that no MLPL party served as key management in Ruangguru.

"The company is not controlling Ruangguru. As an investment company, the company continues to regularly evaluate each of its investments to study monetization opportunities or additional investment", he explained.

Apart from investing in Ruangguru, the company also invests in several other digital startups, such as OVO to Smart Clinic.