Singaporean Company Acquires MAPI for Rp11.8 Trillion

Pacific Universal Investments Pte. Ltd. has acquired PT Mitra Adiperkasa Tbk (MAPI) in a transaction valued at Rp11.8 trillion. The Singapore-based investment holding company purchased 8.47 billion shares, representing 51% of MAPI, at a price of Rp1,395 per share. Through this transaction, control of MAPI has shifted from PT Satya Mulia Gema Gemilang to Pacific Universal Investments. MAPI’s shares rose 12.36% to Rp1,455 at the close of trading today, with a market capitalisation reaching Rp24.15 trillion. It was previously reported that MAPI would be acquired by a Singapore-based parent company. Citing Philippine media outlet Insider Philippines, the Philippine Competition Commission (PCC), which reviewed the corporate action, has approved the deal due to the absence of business competition risks. MAPI operates 3,832 stores in seven ASEAN countries, including 247 stores and 21 exclusive brands in the Philippines. Its subsidiaries include MAP Active Philippines (Foot Locker, Planet Sports, New Balance, Converse, Sketchers) and Mapple Philippines Inc., which sells Apple products. In a decision dated 12 August 2025, the regulator stated that these companies are not direct competitors and that other established retailers provide sufficient competition. The approval was issued under the Philippine Competition Act, which requires the PCC to examine major deals that could affect consumers.