OUE’s wholly owned subsidiary Clifford Development has entered a deal to acquire around 17.2 percent of Indonesia-listed PT Multipolar (MPC) from PT Inti Anugerah Pratama (IAP) for around 1.006 trillion rupiah, or around S$95.6 million, the Singapore-listed property company said in a filing to SGX Monday.
“The transaction will expand OUE’s consumer division in the growth market of Indonesia,” OUE said in the statement, noting its 40 percent-owned joint venture, Auric Digital Retail, had acquired around 32 percent of PT Matahari Department Store earlier this year.
“The transaction will give OUE the opportunity to participate in Indonesia’s rapidly growing digital economy through MPC, whose portfolio businesses sit at the intersection of Indonesia’s technology and consumer sectors,” the company added.
IAP, an investment holding company owned by Dr. Stephen Riady and James Tjahaja Riady at 40 percent and 60 percent, respectively, held around 55.1 percent of MPC as of 17 December, the filing said.
Stephen Riady, the group CEO of OUE, and James Tjahaja Riady are both controlling shareholders of OUE, the filing said.
The consideration, at around 400 rupiah per MPC share, represents an 11.1 percent premium to MPC’s closing price on 17 December, and a 1.4 percent premium to the volume weighted average price of 394.6 rupiah a share for the three months through 17 December, OUE said.
MPC is a technology investment company, with its portfolio’s sectors including retail and e-commerce, financial services and telecommunications; it has invested in Indonesian digital payment company OVO, beauty and personal-care e-commerce platform Sociolla, and education provider Ruangguru, the filing said. Other listed companies in the portfolio include PT Matahari Putra Prima, PT Matahari Department Store, PT First Media and PT Bank National Nobu, the filing said.
GoTo Group is a “notable shareholder” of MPC, the filing said.
Both MPC and GoTo Group will be participating in a fund-raising by PT Matahari Putra Prima to raise growth capital to finance its omni-channel retail strategy, OUE said.
MPC’s total assets at end-September were valued at 15.73 trillion rupiah, and for the January-to-September period, it posted a net profit after tax of 88 billion rupiah, the filing said.