Cirebon Businessman Buys 5% Stake in Coca-Cola Distributor Single-Handed
Jakarta. In a surprising move, a relatively unknown businessman from the West Java city of Cirebon has acquired 80.8 million shares in Coca-Cola distributor Graha Prima Mentari.
The purchase took place just four days after the company's listing on the Indonesia Stock Exchange.
Hendriyanto Liem spent Rp 9.7 billion ($648,000) in three transactions, obtaining a 5.23 percent stake in Graha Prima.
“My intention in these transactions is purely for investment purposes. [The purchased] shares are now my personal possession,” Hendriyanto said in a public filing on Friday.
Identifying himself as an entrepreneur from Pekalipan subdistrict, Hendriyanto said that he had no previous ownership in Graha Prima before making these purchases.
Graha Prima conducted an initial public offering last week, offering 309 million shares at a price of Rp 120 per share.
However, the company experienced a significant drop in share price during its trading debut on Monday, falling to Rp 85 and failing to recover since then.
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