Multipolar to spend US$85 million capex

JAKARTA: PT Multipolar Tbk (MLPL), a parent of PT Matahari Putra Prima Tbk, has allocated its capital expenditure (capex) to US$75 million-US$85 million or equivalent with IDR667.5 billion-IDR756.5 billion by this year.Director of Multipolar Reynold Ong confirmed that the fund will support the establishment of hypermart as well as department stores in Indonesia or in abroad, especially in China.The retail business, so far, has contributed 90% of total revenue. This year, we plan to construct six to seven department stores or hypermart in China. Then, a store requires US$10 million fund, he affirmed to reporters after public exposure yesterday.The needs of capex, as he continued, will be covered from internal cash combined with operational working capital, and bank credit as well. Nevertheless, the external fund has opportunity because the financial balance is predicted to be still healthy.In the same occasion, Reynold informed that the company changed the fund allocation from last years right issue by IDR23 billion.Previously, the fund would be lent by PT Multifiling Mitra Indonesia Tbk. However, Multifiling had already gained fresh fund of IPO, so the fund allocation was changed to be the working capital of Multipolar, he said.Today, Multipolar is executing its retail business through its subsidiary PT Matahari Putra Prima Tbk, then Multifilings for its document business, and PT First Media Tbk for its technology and multimedia business. (t01/wiw)

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