OUE Limited Singapore to acquire 17.26% of Multipolar
JAKARTA. The Singapore-based property developer, OUE Limited, is reported to have purchased at least 17.26% of shares outstanding of PT Multipolar Tbk (MLPL) for IDR 1 trillion.
The said transaction involved the transfer of 25.16 million lots or 2.52 billion shares of the company’s shares, which is the trading and investment company under Lippo Group. MLPL’s shares outstanding amounted to 14.6 billion. Thus, the transaction involved 17.26% of the total number of shares.
In the information disclosure in Singapore Stock Exchange yesterday morning (20/12), OUE declared its intention to acquire 17.2% of Multpolar’s shares for SGD 95.6 million, equivalent to IDR 1 trillion. OUE also mentioned that the share acquisition was conducted through PT Inti Anugerah Pratama (IAP), the company under the Riady’s. The transaction was finalised through a sale and purchase agreement on December 19, 2021.
IAP belongs to the Riady, with James Riady as the controlling shareholder of 60% of the shares. Stephen Riady claims another 40% of IAP while taking office as the President Commissioner of OUE and the controller of the said Singaporean property developer.
In the information disclosure, OUE also claimed that this transaction would expand the consumer division of OUE in the Indonesian market. It is especially expected following the acquisition of 32% of Matahari Department Store (MDS) by Auric Digital Retail Pte Ltd, the joint venture whose 40% of its shares belong to UOE, earlier this year. (AM/ZH)