GoTo And The Hypermart Outlet Manager Of The Conglomerate Mochtar Riady Are Getting More Intimate, This Is The Proof

Illustrations. (Photo: Doc. GoTo)

JAKARTA - GoTo and PT Matahari Putra Prima Tbk (MPPA) are getting closer. This is evidenced by the fact that GoTo will become a standby buyer, aka the standby buyer rights issue, managing the Hypermart outlet owned by the boss of the Lippo conglomerate, Mochtar Riady.

"GoTo will participate in our capital increase," said Matahari Putra Prima Chief Executive Officer (CEO), Elliot Dickson, in an official statement, quoted Wednesday, October 6.

As a standby buyer, GoTo will absorb new shares that are not absorbed by the public. MPPA's shareholders approved the corporate action, titled the VI Limited Public Offering, in mid-September. MPPA will issue a maximum of 1.17 billion new shares with a nominal value of Rp50 per share.

MPPA's rights issue has not yet reached the stage of setting an exercise price. However, MPPA has a target to reap fresh funds of IDR 500 billion to IDR 800 billion.

MPPA will use the proceeds from the rights issue for working capital and part of the company's debt. This rights issue, like Elliott, is scheduled to be completed in the fourth quarter of this year.

For information, Matahari Putra Prima is one of the largest supermarket operators with a network of more than 200 outlets in 72 cities in Indonesia. According to NielsenIQ research data, MPPA has a 25 percent market share, the largest in the supermarket and hypermarket categories.