Temasek Holdings (Private) Limited, through its subsidiary, Anderson Investments Pte. Ltd., took over 19 percent of PT Matahari Putra Prima Tbk (MPPA) shares.

MPPA is a Lippo Group entity under the control of PT Multipolar Tbk (MLPL).

Multipolar Corporate Secretary, Natalie Lie, said that her party had entered into an Exchange Rights Placement Agreement on January 31, 2013. Prime Star Investment Pte. Ltd. (PSI) and Anderson later amended a cooperation agreement on February 2, 2018.

"PSI is a subsidiary 100 percent owned by Multipolar. Based on the cooperation agreement, PSI issued an interest-free equity-linked instrument called Exchangeable Rights (ER) with a principal amount of US$ 300," he said in a statement on the Indonesia Stock Exchange (IDX) on Thursday (28/1).

With an estimated exchange rate of Rp.14,000 per US dollar, ER worth US$ 300 million is equivalent to Rp.4.2 trillion. The ER was taken and paid in full by Anderson on February 18, 2013.

"ER can be exchanged for shares in MPPA in the amount of 1,402,947,000 or 1.4 billion shares, not later than January 31, 2021," said Natalie.

PSI previously held 1.4 billion or the equivalent of 19 percent of MPPA's shares. Then, on January 18, 2021, Anderson sent a notification of the exercise of exchange rights.

On January 26, 2021, the crossing of 1.4 billion MPPA shares from PSI to Anderson was carried out as a settlement of exchange rights.

Natalie added, with the completion of the implementation of the Exchange Rights, as of January 26, 2021, PSI had no shares in MPPA.