PT Multipolar Tbk (MLPL) has sold 11.9% of its ownership in PT Matahari Putra Prima Tbk (MPPA).

"Multipolar plans to reinvest the proceeds from the sale of shares into MPPA to strengthen its balance sheet and provide the working capital needed to push MPPA to the next stage of growth," said Multipolar Director Agus Arismunandar to the Stock Exchange on Thursday (8/4).

According to him, the stock release was due to the great potential of MPPA as one of the largest wholesale, retail companies in Indonesia, with outlets in 73 cities and 31 provinces and a national scale logistics and distribution network.

This MPPA share release transaction does not harm its operational, legal, financial conditions, or business continuity.

Multipolar through direct and indirect ownership in some of the largest consumer companies in Indonesia, including PT Matahari Department Store (LPPF), MPPA, Timezone, and PT Linknet bk (LINK), is one of the largest consumer service companies in Indonesia that serve more of the 40 million people of Indonesia each year.

Meanwhile, MPPA Corporate Secretary, Danny Kojongian added, as one of the leading modern retailers in Indonesia, the company continuously carries out various processes for improvement and enhancement of its retail business. The goal is to meet the household needs of the Indonesian people.