Jakarta, CNBC Indonesia – Plan to take over 51% shares of PT Supra Boga Lestari Tbk. (RANC) by company e-commerce, PT Global Digital Niaga or better known as Blibli from the Djarum Group is referred to as the company’s efforts to develop its business ecosystem.
Blibli CEO and Co-Founder Kusumo Martanto said the company continues to focus on building trust, providing the best retail experience, ensuring customer needs are met, empowering business partners, and creating real solution innovations.
“Therefore, as a form of Blibli’s commitment in accelerating the development and expansion of the business ecosystem as one of the leading e-commerce companies in Indonesia, we have signed the Share Purchase Binding Agreement (PPPS) in Supra Boga Lestari,” said Martanto to CNBC Indonesia, Thursday. (16/9/2021).
He explained that this strategic plan is in line with the company’s steps to grow an already solid business by becoming a solution for all stakeholders in its business ecosystem.
In addition, he, namely the reputation, performance and positive potential of RANC, will open up more opportunities in increasing the company’s market share which ultimately spurs business growth for both parties.
Currently, e-commerce from the Djarum Group is in the negotiation process to acquire the Ranch Market management company.
In the company’s official statement in the mass media, published this Thursday (16/9/2021), Blibli acquired ownership from 7 of its shareholder entities.
The seven shareholders are:
- PT Wijaya Sumber Sejahtera
- PT Prima Rasa Inti
- PT Gunaprima Karyaperkasa
- PT Ekaputri Mandiri
- Dr David Kusumodjojo
- Suharno Kusumodjojo
- Harman Siswanto
The number of shares to be acquired is planned to be 797,888,628 shares or equivalent to 51% of the total issued and paid-up capital of RANC owned by the sellers.
The transaction will result in a change of control over RANC (Proposed Takeover).
“Negotiations are carried out directly by the company with the sellers. Depending on the fulfillment of all the conditions and requirements as stipulated in the PPPS. The plan for this share acquisition is targeted to be completed no later than 40 calendar days when PPPS is signed,” the announcement said.
If this is realized, it is very likely that this IPO plan will be carried out through backdoor listing by buying 51% of RANC shares.
The acquisition value is estimated to reach Rp 1.76 trillion when referring to RANC’s market price at the close of trading last Wednesday at Rp 2,200 per share.
On Thursday, RANC’s share price closed up 10 percent to Rp 2,420 per share with a market capitalization of Rp 3.79 trillion.
As is known, Blibli is rumored to be conducting an initial public offering (IPO) on the Indonesia Stock Exchange (IDX) next year.
Blibli is collaborating with Credit Suisse Group AG and Morgan Stanley to explore the process of the initial public offering of shares.
Referring to its website, Blibli is an online mall for goods including electronics and lifestyle products, and cooperates with more than 100,000 partners established since 2011. The company offers delivery via its own Blibli Express Service as well as 15 logistics partners in the largest cities in Indonesia. .
Blibli is backed by GDP Venture, the venture capital arm of the Djarum Group, whose dominance in the cigarette business and state banking has helped make its owners, Hartono’s two brothers (Robert Budi Hartono & Michael Bambang Hartono), the two richest men in Indonesia.
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