Manager Of Hypermart Outlets Owned By Conglomerate Mochtar Riady Wants Rights Issue, Will Raise IDR 1.5 Trillion

Hypermart outlet. (Photo: Doc. Supermal Karawaci)

JAKARTA - The manager of the Hypermart outlet, PT Matahari Putra Prima Tbk (MPPA) will take a corporate action, namely increasing the Company's Authorized Capital through a rights issue. This MPPA action was approved by the shareholders at the company's Extraordinary General Meeting of Shareholders (EGMS) which took place on September 9, 2021.

In MPPA's information disclosure on the Indonesia Stock Exchange (IDX) website, quoted on Thursday, September 16, MPPA's shareholders approved the company's plan to increase the Company's Authorized Capital, from Rp540 billion consisting of 10,800,000,000 shares with a nominal value of Rp50 per share to Rp540 billion. Rp1.50 trillion consisting of 30,000,000,000 shares with a nominal value of Rp50 per share along with adjustments to Article 4 of the Company's Articles of Association related to the increase in authorized capital.

Furthermore, the shareholder of the retailer owned by the boss of Lippo conglomerate Mochtar Riady also accepted and approved the company's plan to carry out additional capital by issuing Pre-emptive Rights (HMETD), in accordance with OJK Regulation No. 14/POJK.04/2019 concerning Increase in Capital of a Public Company by Providing Pre-emptive Rights (Limited Public Offering VI) for a maximum of 1,175,000,000 new shares from the Company's Authorized Capital portfolio with a nominal value of Rp50 per share.

Meanwhile, Matahari Putra Prima projects that their performance will improve in the fourth quarter of 2021. This is in line with the trend of improving the retail business after the relaxation of the PPKM level by the government.

Shopping centers such as shopping malls have also started to open with strict health protocols and the PeduliLindung application so that more consumers will be able to shop directly.

Although, the restriction that children under 12 years old are not allowed to enter the shopping center is also a factor that needs to be considered because the majority of customers are young families and they cannot leave their children at home.

MPPA said that the company's transformation into an offline to online (O2O) business was able to bring the company to record positive financial performance growth in the second quarter of 2021. In the first semester of 2021, it has recorded gross sales of more than Rp. 2 trillion or grew 16.2 percent compared to the previous period. the same in the previous year.

Not only that, the company's online sales are also said to grow 21.3 percent compared to the second quarter of 2020. According to NielsenIQ data, MPPA's market share continues to grow and reaches 24.1 percent in the supermarket and hypermarket markets.