What is Agung Sedayu's Target After Backdoor Listing?

Summary

The property giant Agung Sedayu Group carried out a backdoor listing by acquiring an 80 percent stake in PT Pratama Abadi Nusa Industri Tbk (PANI). Agung Sedayu entered the stock exchange through the entity of PT Multi Artha Pratama (MAP). After the acquisition, Agung Sedayu is preparing to carry out a tender offer to buy other investors' shares, including public investors, after a change in control over PANI's shares.

MAP has submitted documents related to the tender offer to the Financial Services Authority (OJK). In an announcement pertaining to the exchange's request for clarification on the Indonesia Stock Exchange (IDX) information disclosure, PANI President Director Prilli Budi Pasravita Soetantyo said MAP, through the company, plans to invest and develop business in real estate companies.

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