FREN eyes extra portion in MORA

29 November 2022 11:44

JAKARTA. PT Smartfren Telecom Tbk (FREN), a telecommunication issuer, expresses its intention to raise its ownership percentage in PT Mora Telematika Indonesia Tbk (MORA), also known as Moratelindo.

That wishful intention was relayed to the public by Antony Susilo, Director of Finance of FREN through the public expose of Smartfren Telecom yesterday (28/11). Last year, FREN reportedly owned 20.5% of MORA. However, it was then diluted to 18.32% after FREN did not participate in the initial public offering (IPO) of MORA this year.

Susilo revealed the reason behind FREN’s wish to claim more of MORA’s shares. “We have always been wanting to increase our investment in MORA, because we see MORA as a great, beneficial, and potential company,” he said in the public expose of Smartfren Telecom yesterday (28/11).

Regarding this intention, Susilo plans to discuss it further with MORA’s major shareholders, whether or not FREN could raise its portion in MORA. According to Susilo, the ownership increase may be carried out in different methods, including buying existing shares and participating in new shares issuance. “However, it is still too early to decide. We hope we are allowed to raise our portion in MORA next year,” he stated. (AM/ZH)

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