Gojek buys minority stake in Lippo Group’s retail arm

Details:

• According to a company representative, Matahari Putra Prima sold 11.9% of its shares to PT Pradipa Darpa Bangsa, which got 4.76%, and to two other Cayman Islands-based companies, which collectively bought 7.14%, on April 6, 2021.
• Through its affiliates, Lippo Group is still company’s the biggest shareholder.
• 99.9% of PT Pradipa Darpa Bangsa’s shares are owned by PT Aplikasi Karya Anak Bangsa (Gojek) while the rest are owned by PT Dompet Karya Anak Bangsa (GoPay).

Context:

• Gojek co-CEO Andre Soelistyo also serves as PT Pradipa Darpa Bangsa’s commissioner, while Gojek executive Hans Patuwo sits as its president director.
• Matahari Putra Prima is a publicly listed company that operates several retail stores in Indonesia such as Hypermart, Foodmart, and Boston.
• Lippo Group had previously tried to enter the ecommerce market with MatahariMall but closed it down in 2018.