Hari Darmawan buys another 5 percent of Multipolar

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)