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Mochtar Riady explained the reason for Lippo Group to sell some of its OVO shares

28 November 2019 14:02

JAKARTA. Founder and owner of Lippo Group, Mochtar Riady explained that his party was no longer able to 'burn money' so that it sold 2/3 shares of its shares in OVO digital wallet.

"We're not selling them all, we sell some. Now (our shares), we may only have 30%. We sell two-thirds of them," Mochtar Riady said when met at the 2019 Indonesia Digital Conference in Jakarta on Thursday (28/11).

Mochtar emphasized that the reason for Lippo Group to sold some of its shares was because it was not strong enough to "burn money" with free services, and discounts to "cash back" provided by OVO.

"The reason is, we continue to burn money there, it's enough for us," Mochtar said.

OVO has received an e-wallet license since 2017. OVO has been actively promoting discounts and giving "cash back" to attract users. (AM/AR)

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