HSBC add shareholdings in Multipolar

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HSBC Fund Services-Clients A / C 500 increased its shareholding in PT Multipolar Tbk. HSBC bought 3.17 million shares during the period August 4 to 10, 2010.

"Purchases were made at a price of Rp92 0.1 to 95 per share for purposes of trade," said Secretary of the Company Multipolar, RN Chrysologus Sinulingga, in a letter dated August 13, 2010 to the Indonesia Stock Exchange (BEI).

According to him, through the purchase, the number of shares of HSBC in the Multipolar now increased to 533.61 million shares. Approximately 428.32 million shares of which are owned Argyle Street Management Limited (ASML), ASM Asia Recovery (Master) Fund.

Previously, Multipolar aiming to Rp12 trillion in 2011 revenue. The target was in line with the completion of its acquisition of retail companies in foreign countries.

"The company will enhance the competitiveness of Indonesian companies to deal with the global market," said Managing Director of Multipolar, Harijono Suwarno.
According Harijono, this transaction opens the way for Indonesian products to enter the international market.

He explained that on August 7, 2010, Multipolar signed a purchase agreement (sale and purchase agreement / SPA) with Queenz Limited as the proposed sale of its shares in Congrex Limited. Congrex has three department stores with Robbinz trademarks in China.