JAKARTA. The possibility of a number of venture capital investors entering through a subsidiary, pushed the share price of PT Mahaka Radio Integra Tbk (MARI) to move out of the ordinary so that the Indonesia Stock Exchange suspended it for the second time in less than a month.
CEO of Mahaka Radio Integra, Adrian Syarkawie, said that his party did not know the exact cause of MARI's stock volatility, so that it moved out of the ordinary or the unusual market activity (UMA) which prompted the stock to finally suspend on March 11, 2021. On February 26, 2021, MARI's shares were also suspended and then reopened on February 27, 2021.
Andrian estimates that the share price movement will be based on the entry of four venture capital companies that will strengthen the audio content platform technology of Noice in its subsidiary, PT Mahaka Digital Inovasi. Two of these venture capital firms, Alpha JWC and the Kynesis Group, have committed to convert convertible loans into equity in the subsidiary.
“This may be one [reason], thus making MARI's stock volatile. Maybe by partnering with more experts in their fields, our digital ads contribution in the future will be great,” said Adrian during an incidental public expose, Tuesday (16/3/2021). He is also committed to accelerating technology development and strengthening the content of Noice.
This year MARI targets the total registered users on Noice to be 1.8 million, up 4 times compared to 2020's acquisition of 450,000, with monthly active users increasing 6 times to 1 million. (AM/LM)