Apr 14, 2010

Cyport disposes 20.21% Multipolar

Foreign institution named OCBC Sec. Pte Ltd A/C Lippo Sec. Ltd A/C Cyport Limited sold 20.21% stakes or 1.37 billion shares in PT Multipolar Tbk (MLPL).
In a public announcement published by Indonesia Stock Exchange, OCBC Sec.'s now owns 6.74% interest or 457.08 stakes in Multipolar, holding company of PT Matahari Putra Prima Tbk (MPPA). MLPL stocks now drop 14.01% to Rp135 per share from the open level of Rp155 per share.
Credit Suisse Singapore (CS) has ordered Multipolar, a parent company of Matahari Putra Prima and under Lippo Group and controlled by Riady family, to repay its debt of US$75 million on June 21 2010.
In relation to the repayment, Multipolar, in 2009's financial report, explains that Credit Susse sent the confirmation letter to Multipolar on March 25 2010.
Based on loan agreement signed by Credit Suisse and Multipolar on June 15 2007, the company sealed secured term loan facility worth US$75 million helped by the mandated arranger Credit Suisse.
The five years facility has provided put option giving rights to the creditor to order fully loan repayment or installments.
The loan has been pledged with stocks of Matahari owned by Multipolar. The company is 50% controlling shareholder in the retailer Matahari.  

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