Jakarta - PT Matahari Putra Prima Tbk (MPPA) estimates the completion of the new share issuance or rights issue in the fourth quarter of 2021.

MPPA plans to issue a maximum of 1.175 billion shares with a par value of Rp50 per share.

"We are pleased that the company is raising capital and is ready to execute plans while continuing to innovate for Indonesian consumers," MPPA CEO Elliot Dikson said in a statement in Jakarta on Tuesday (5/10).

The planned capital increase is aimed at increasing market share and investing in an omnichannel strategy.

"The success of Hypermart's capital increase will provide funds for the company to grow, execute its omnichannel retail strategy, and strengthen its balance sheet," he said.

PT Multipolar Tbk and the GoTo Group will fund and participate in the capital increase.