Hari Darmawan buys another 5 percent of Multipolar

JAKARTA (JP): President of the publicly listed Matahari Putra Prima, Hari Darmawan, bought yesterday another 5 percent of Multipolar through his investment firm PT Haritama Bakti Persada.

The purchase increased Hari's stake in Multipolar to 10 percent.

Last month, Hari announced he would buy 10 percent of Multipolar for Rp 56 billion (US$23.52 million). The deal for five percent comprising 13,713,500 shares was concluded last month for Rp 27.8 billion or Rp 2,025 a share.

Yesterday, he bought another 5 percent also for Rp 2,025 a share.

"It represents Rp 500 per share or 25 percent premium above today's closing price on the Jakarta Stock Exchange of Rp 1,525," Multipolar said yesterday.

Hari indicated yesterday that he would increase his share in Multipolar in the coming weeks.

"I have completed my initial plan of a 10 percent holding in Multipolar. I found Multipolar's shares very cheap and attractive. Therefore I look forward to possibly purchasing additional shares from the open market," he said.

Hari had earlier said he wanted an up to 40 percent share of Multipolar.

Lippo Group's managing director, Roy E Tirtadji, said the group was pleased Hari had carried out his plan to become a significant shareholder in Multipolar.

"Lippo also welcomes Hari Darmawan's announcement about further increasing his shareholding in the very near future," he said.

Multipolar, which is involved in information technology, is part of the Lippo group. Matahari is Indonesia's biggest retail chain.

Multipolar had early this year bought 51 percent of Matahari from Hari Darmawan's PT Mataharijaya Putraperkasa early this year.

Multipolar's share price surged by Rp 200 yesterday to close at Rp 1,625 and Matahari by Rp 200 to Rp 3,600 yesterday. (09)