Silvery Moon Investment Ltd acquired a 10.63% stake in PT VKTR Teknologi Mobilitas Tbk
PT Bakrie & Brothers Tbk reduced its stake in VKTR from 41.04% to 30.41% to settle debts
By Falito Villienuve Tandra, Salma Farah Faiza, and Iman Satyo Adi
August 9, 2024 at 16:30 GMT+7
Silvery Moon Investment Ltd has made a significant move in the Indonesian market by acquiring 4.65 billion shares of PT VKTR Teknologi Mobilitas Tbk, a company under the Bakrie Group. This acquisition, completed on July 31, 2024, represents a 10.63% stake in VKTR, marking Silvery Moon as a substantial new player in the company's future.
The purchase, executed at a price of Rp100 per share, involved an investment of approximately Rp465 billion. This strategic entry by Silvery Moon not only highlights their confidence in VKTR's potential but also signals a possible shift in the company’s trajectory, given the backing of a new, influential investor.
The transaction has sparked interest in how this fresh capital infusion might influence VKTR’s growth plans, particularly in the increasingly competitive mobility technology sector. This development comes at a pivotal time for VKTR as it navigates through market challenges and opportunities.
VKTR BYD Electric Bus | Source: VKTR
Bakrie & Brothers (BNBR) saw its ownership in PT VKTR Teknologi Mobilitas Tbk reduced from 41.04% to 30.41% following the recent sale of 4.65 billion shares to Silvery Moon Investment Ltd. This divestment was part of a strategic move to settle BNBR's outstanding debt with an unaffiliated third party.
The decision underscores BNBR’s focus on financial restructuring, as they previously sold 1 billion VKTR shares on July 19, 2024, to address similar financial obligations. By lowering its stake in VKTR, BNBR aims to strengthen its balance sheet, although this reduction also diminishes its influence over VKTR. The sale highlights the company’s ongoing efforts to manage liabilities while still maintaining a significant interest in the mobility technology sector.
Anindya Novyan Bakrie, CEO and President of Bakrie & Brothers | Source: Kompas
VKTR shares remained steady at Rp122 after the recent transaction, with a trading volume of 2.17 million shares across 238 transactions. The company's current market capitalization stands at Rp5.34 trillion. Market sentiment around VKTR appears cautiously optimistic, given the entry of new investor Silvery Moon Investment Ltd, which acquired 10.63% of the company's shares.
This new investment could signal confidence in VKTR's future, potentially stabilizing or even boosting its trading performance. However, the market is closely watching how the reduced stake of its controlling shareholder, PT Bakrie & Brothers Tbk, might impact VKTR's strategic direction and overall investor confidence.
Sources:
Bakrie & Brothers
CNBC
IDX Channel
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