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Multipolar sold unproductive assets to Lippo Karawaci for IDR 90 billion

23 March 2022 16:18

JAKARTA. PT Multipolar Tbk (MLPL) divested its assets that are deemed no longer productive to PT Lippo Karawaci Tbk (LPKR) for IDR 90 billion in total.

The said unprofitable assets include the Building Use Rights (lit. Hak Guna Bangunan/HGB) over four land plots with a total area of 10 thousand square metres. These lots are located in Tangerang, Banten.

In the information disclosure in Indonesia Stock Exchange (IDX) today (23/3), the MLPL management claimed that the transfer of the HGB of four land plots was intended to fund its business plan. The plan in question is to pay more attention to the investment of technology-based services.

“The money and proceeds gained from this transaction will be utilised by the company as an investment and/or to support the expansion plan,” the management confirmed.

The sale and purchase transaction of these HGB by MLPL and LPKR is categorised as an affiliate transaction as both companies share the same ultimate shareholder, PT Inti Anugerah Prattama (IAP).

According to idnfinancials.com data, IAP owns 1% of Series A shares of MLPL by the end of February 2022. IAP also claims 2.71% of Series B shares and 34.21% of Series C shares of MLPL. Meanwhile, 27.43% of LPKR shares are also under the control of IAP. (KR/ZH)

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