JAKARTA - Provident Warehouse Pte Ltd (PWH) will invest IDR 430.57 billion by purchasing a maximum of 861.14 million shares of PT Mega Manunggal Property Tbk (MMLP) via a tender offer starting yesterday (4/4) to (3/5).

In the disclosure published on Wednesday (5/4), the bid price in this tender offer was set at IDR 500 per share, higher than the highest average daily trading price on the stock exchange for the last 90 days, which was IDR 470 per share. The highest average price for 90 trading days for MMLP shares on the stock exchange starts November 29 2022 to February 26 2023.

PWH is affiliated with Bridge Leed Limited, holding 14.61% of MMLP shares, under Gavin Arnold Caudle (GAC). PWH is 100% owned by Provident Capital Partners Pte Ltd, which is 51% owned by GAC.

MMLP recorded issued and fully paid capital of IDR 688.91 billion with the owner structure including, PT Mega Mandiri Properti 16.92%, PT Suwarna Arta Mandiri 18.18%, West Bridge Development Limited 16.89%, Bridge Leed Limited 14, 61%, Hungkang Sutedja 0.02%, and the public 33.38%. (LK/LM)