The Return Of Erick Thohir's Family To Control WOM Finance, Control 25.01 Percent Shares Of The Financing Company That Was Founded In 1982

Minister of SOEs, Erick Thohir. (Photo: Doc. Ministry of SOEs)

JAKARTA - The financing company PT Wahana Ottomitra Multiartha Tbk (WOMF) now has a new controlling shareholder. It is Erick Thohir and his family who are now controlling the finance company, together with PT Bank Maybank Indonesia Tbk (BNII).

The announcement regarding the change in WOMF's controlling shareholder was ratified at the WOM Finance Annual General Meeting of Shareholders (AGMS) on March 24, 2022. Previously, on February 7, 2022, the Financial Services Authority also approved the plan to change ownership of PT Wahana Ottomitra Multiartha Tbk.

Erick Thohir and his older brother, Garibaldi Thohir alias Boy Thohir and their mother Edna Thohir became indirect controllers of WOMF through PT Wahana Makmur Sejati. As of February 28, 2022, PT Wahana Makmur Sejati had 870.6 million shares, equivalent to 25.01 percent of WOMF shares.

Meanwhile, PT Bank Maybank Indonesia Tbk controls 2,349,646,729 shares, or 67.49 percent of WOMF shares. The remaining 261,234,751 shares, or 7.50 percent, are owned by public investors.

PT Wahana Makmur Sejati has been a Honda motorcycle dealer for the Jakarta and Tangerang areas since 1982. PT Wahana Makmur Sejati now oversees 114 dealers and 315 authorized Honda repair shops; Astra Honda Authorized Service Station (AHASS).

Tracing the ET family holdings in WOM Finance

The existence of Erick Thohir, Boy Thohir, and their mother Edna Thohir in the ownership structure of WOMF, must be traced through several layers of the company. Referring to the 2021 WOMF annual report, 0.01 percent of PT Wahana Makmur Sejati's shares are held by PT Wahanaartha Mandiri which is a joint venture between Boy Thohir (32.30 percent), Susianty Pranata (23.55 percent), Sonny Kasiman (32.30 percent) and Robbyanto Budiman (11.85 percent).

Meanwhile, most of the shares of PT Wahana Makmur Sejati, which is 99.99 percent, are controlled by PT Wahanaartha Harsaka. PT Wahanaartha Harsaka is owned by a number of parties, namely Sonny Kasiman (2.44 percent), Susianty Pranata (15.70 percent), Bellynawaty (1.49 percent), Sherli Janawati (1.19 percent) Luciana Budiman (1.19 percent), and Yanto Kasiman (25.39 percent).

However, the largest portion of PT Wahanaartha Harsaka's shares is controlled by PT Sahari Sukses Investama, which is 52.60 percent. PT Sahari Sukses Investama is also owned by a number of investors. They are Sonny Kasiman (4.25 percent), Michael Christian Soekamto (14.92 percent), Robbyanto Budiman (15.18 percent) and Yanto Kasiman (4.25 percent).

The largest shareholder of PT Sahari Sukses Investama is PT Trinugraha Thohir with a portion of 61.40%. Behind PT Trinugraha Thohir, there are Edna Thohir who owns 29.99 percent of the shares, Boy Thohir 23.34 percent, Erick Thohir 23.34 percent and Hireka Vitaya 23.33 percent.

From the list of big investors, only two have positions in WOMF. They are Boy Thohir who is the Commissioner and Robbyanto Budiman who is the Vice President Commissioner of WOMF.

The Thohir Family's control over WOMF is actually nothing new. PT Wahanaartha Harsaka was the holder of 55 percent of WOMF's shares. Then PT Wahanaartha Mekarselaras by 10 percent and PT Millenia Prosperindo Optima by 35 percent

However, on May 24, 2004, all of these investors released their ownership to a number of parties. One of them is Mochamad Thohir. Erick and Boy Thohir's father also became the direct owner of 12.60 percent of WOMF shares.

Only a year later, namely in May 2005, Mochamad Thohir and other investors such as Susianty Pranata, Widjaya Budiman, Dewi Ratnasari Gozali, Yanto Kasiman, and Benny Wennas sold and transferred their WOMF shares to a number of parties.

The new WOMF investors are PT Bank Internasional Indonesia, now named PT Bank Maybank Indonesia Tbk. Then there are International Finance Corporation and DBS Nominees (Private) Limited. They redeemed WOMF shares at a price of IDR 495 per share.

It was about five years later that the Thohir Family returned to WOMF. This time using a vehicle called PT Wahana Makmur Sejati.

PT Wahana Makmur Sejati entered into as a shareholder of WOMF through a series of transactions that took place from June 22, 2010, to August 6, 2010.

In 2010, PT Wahana Makmur Sejati controlled 334,802,500 WOMF shares, equivalent to 16.74 percent. The acquisition price at that time was around IDR 313 per share.

Over time, the ownership of PT Wahana Makmur Sejati in WOMF continues to grow. Until now, they have narrowed 25.01 percent of WOMF shares.