JAKARTA. PT Mahaka Media Tbk (ABBA) has divested its entire shares in PT Wahana Kalyanamitra Mahardhika (WKM), a company engaged in Customer Relationship Management (CRM) business.

ABBA’s divested shares in WKM clock up to 4.5 million shares or equal to 45%. With total value of IDR 1,000 per share, WKM’s divestment transaction is projected to reach IDR 4.5 billion.

The entire portion in WKM is sold by ABBA to PT Wahanaartha Harsaka (WAH) and PT Wahana Artha Mandiri (WAM). For the record, WAH and WAM are affiliated with ABBA, as they share the same controller, Garibaldi Thohir. Garibaldi Thohir is known as the brother of Erick Thohir, the owner of the parent entity, ABBA.

Prior to this, ABBA has planned to divest its shares in WKM. However, the management said that there are no better offering for this transaction value of WKM divestment. “With no better offering from other parties, the company decides to sell its portion to WAH for IDR 4.5 billion,” said the management.

After this divestment, WAH will gain control over 99.9% of WKM. The remaining portion will go to WAM.

According to IDNFinancials data, ABBA reported cash and cash equivalent of IDR 15.99 billion as of March 31, 2024. Total assets were at IDR 250.53 billion, but the equity was at minus IDR 116.53 billion. (KR/ZH)