Dec 10, 2010

Multipolar soars 25% on Hypermart deal

PT Multipolar Tbk (MLPL), parent company controlled by Riady family, today skyrocketed 25% to IDR350 per share, boosted by a speculation that Wallmart wins the battle for Hypermarket acquisition deal.
"Multipolar stocks steeply rose which was automatically rejected by trading system at Indonesia Stock Exchange. Market speculates that Wallmart wins the acquisition battle againts Lotte," a local fund manager said today.
Multipolar's market capitalization soared to IDR2.70 trillion. Referring to the closing level today, Multipolar stocks are very cheap, reflecting 0.45x annualized price to earning ratio (PER).
Lotte Shopping announces its intention to bid Indonesian Hypermarket as the bid date for  the sale has been delayed to December 17 or later. "We are currently conduction supplemental due diligence," Lotte said in a statement.

Disclosure: No position at the stock mentioned above.  

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