Signs of M&A from Lippo's Action to Sell OVO Shares?

By Editorial Team 29/11/2019
Unicorn
Topic

Indonesian tycoon Mochtar Riady made a surprising confession while speaking at the 2019 Indonesia Digital Conference in Jakarta, Thursday (11/28). The founder and Chairman of the Lippo Group claimed to have sold two-thirds of its ownership in OVO, the e-wallet company that recently gained status as a unicorn.

Mochtar admitted, Lippo Group shares in OVO, the startup they founded, are now only around 30%. Mochtar, one of the richest people in Indonesia, admitted that his company sold OVO shares because they were not strong enough to continually supply funds for OVO or 'burn money' with all the free services, discounts and cashback offered. 

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