Indorama Holdings BV (IHBV) increases its share ownership in PT Indorama Synthetics Tbk (INDR).

Within two months, the tycoon textile producer from India, Sri Prakash Lohia, bought up Indorama Synthetics shares four times. As a result, as the parent company, IHBV now controls 51.6 percent of Indorama Synthetics shares.

In disclosing information to the Indonesia Stock Exchange (IDX), Indorama Synthetics management revealed that IHBV made the last purchase in Indorama on February 8, 2021. IHBV bought 31.22 million INDR shares for Rp2,800 per share or a total value of Rp87.44 billion.

After the transaction, the number of IHBV shares increased by 4.8 percent, from 306.56 million units (46.8 percent) to 337.79 million units (51.6 percent).

"The transaction is intended as a long-term investment, with direct ownership status," said the management of Indorama Synthetics.