Indonesia Stock Exchange (BEI) has not yet taken a firm stance toward the case of insider trading involving publicly listed PT Matahari Putra Prima Tbk (MPPA) and its subsidiary publicly listed PT Matahari Departement Store (LPPF).
BEI would first review the allegation, including the possibility of the use of fund raised from the sale of LPPF.
The alleged insider trading in the Riady family-owned company came up after PT Matahari Putra Prima share surged a moment before the company announced its sale of publicly listed PT Matahari Departement Store to Meadow Asia Co Ltd on January 25, 2010.
Meadow Asia Co Ltd is an extension of CVC Capital Partners. The PT Matahari Putra Prima share surge after the IDR7.164 trillion transaction triggered suspicion since the retail company's trade volume was very small.
Publicly listed PT Matahari Putra Prima itself announced its plan to transfer the assets of publicly listed PT Matahari Department Store on October 27, 2009. At the time, LPFF share price was IDR53 per share. Afterwards, the price surged to IDR62 per share.
After the rights issue on November 6 , 2009, LPPF share jumped to IDR125 per share and further soared to IDR2,325 per share, meaning LPFF share price has skyrocketed 17.6 times within three months since the asset transfer was announced. So far, MPPA has always been denying the alleged insider trading.
Meadow Asia Co Ltd is an extension of CVC Capital Partners. The PT Matahari Putra Prima share surge after the IDR7.164 trillion transaction triggered suspicion since the retail company's trade volume was very small.
Publicly listed PT Matahari Putra Prima itself announced its plan to transfer the assets of publicly listed PT Matahari Department Store on October 27, 2009. At the time, LPFF share price was IDR53 per share. Afterwards, the price surged to IDR62 per share.
After the rights issue on November 6 , 2009, LPPF share jumped to IDR125 per share and further soared to IDR2,325 per share, meaning LPFF share price has skyrocketed 17.6 times within three months since the asset transfer was announced. So far, MPPA has always been denying the alleged insider trading.
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