Standard Chartered PE acquires 13.5% stake in Trikomsel

According to a statement filed to the Indonesia Stock Exchange (IDX), the private equity player bought 600.75 million shares on June 22 at IDR830 per share, equal to giving a total transaction value of IDR498.62 billion ($53.35 million).

The shares were purchased from Trikomsel's existing institutional shareholders, Trikomsel president director Sugiono Wiyono Sugialam said on Firday.

Prior to the transaction, JP Morgan Luxembourg was the largest shareholder in Trikomsel, with a 61.13% stake, followed by JPMIB Canopus Finance's 25%. The public held another 11.23%, with the directors and commissioners owning the remaining 2.64%.

Trikomsel operates retail stores in cities throughout Indonesia that offer a wide range of branded cellular phones, netbooks, printers and other accessories. As of the end of December 2011, the company had 860 outlets - named Oke Shops - in 153 cities nationwide.

The company now plans to increase its revenue to IDR12 trillion this year, representing a 70% increase from last year. The expansion will be likely contributed by its new subsidiary PT Global Teleshop, in which Trikomsel plans to acquire an 80% stake. As of the first three months of this year, the company's sales have already surged 35% to IDR1.98 trillion from the same period last year.

Trikomsel is also said to be considering a pre-emptive rights issue to obtain a total of IDR1.07 trillion from selling new shares and issuing convertible bonds. The company will obtain IDR266.64 billion from new shares and IDR807.55 billion from convertible bonds.

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• Topics
• Southeast Asia
• PIPEs
• Consumer
• Indonesia
• Standard Chartered Private Equity
• Consumer
• PIPE