Sri Pakash Lohia Spends IDR 85.15 Billion To Increase The Ownership Of Indorama Stocks

Konglomerat Sri Pakash Lohia. (Foto: Instagram @forbesindonesia)

JAKARTA - Indorama Holdings BV, a company owned by the Sri Pakash Lohia conglomerate has just increased its share ownership by 4.7 percent in PT Indo-Rama Synthetics Tbk (INDR).

Quoting the disclosure of information on the Indonesia Stock Exchange (IDX) website, Thursday 4 February, Indorama Holdings BV purchased 30.966.750 INDR shares at an exercise price of IDR 2.750 per share on January 28, 2021. That means, Indorama Holdings spent IDR 85.15. billion to carry out these transactions.

Thus, the share ownership portion of Indorama Holdings BV increased to 46.8 percent from the previous 42.1 percent with direct share ownership status.

Indo-Rama Synthetics is a company engaged in the textile industry. Their shareholder structure as of December 31, 2020, was owned by PT Indorama Holdings BV at 38.92 percent, PT Irama Investama 25 percent, while public shares amounted to 36.08 percent.

The company is affiliated with Sri Prakash Lohia, a tycoon who is the fifth richest person in Indonesia according to Forbes magazine. Sri Pakash is noted to have a net worth of USD 6.2 billion or equivalent to IDR 87 trillion. He is also listed as the President Commissioner of Indo-Rama.

Indo-Rama Synthetics was originally established in 1975 and started their production for the first time a year later at a cotton spinning factory in Purwakarta, West Java.

Currently, they are expanding their spun yarn business and diversifying their product lines into yarns such as polyester filament, polyester staple fiber, PET resin, and polyester chip.

In trading today, Thursday, February 4, INDR shares rose 4.07 percent or 110 points to a level of IDR 2,810 per share.