From Adaro, GoTo to AnterAja, Boy Thohir Owns the Stock!

Jakarta, CNBC Indonesia – RI mining tycoon Garibaldi ‘Boy’ Thohir is increasingly expanding his business portfolio, which now includes technology companies.

Boy Thohir, who previously focused on the mining industry after being able to grow Adaro Energy (ADRO), seems to be aggressively diversifying his business.

The coal industry, which is the main support for the wealth of the brother of the Minister of SOEs, Erick Thohir, is indeed still one of the most profitable sectors, especially after the price rally that barely broke in recent times.

By sector, energy is the one with the best performance, which is able to grow 41.53% since the beginning of 2022, one of which is thanks to the brilliant performance of Boy Thohir’s shares.

Non Mining

Boy Thohir this year recorded at least two jumbo acquisitions on public issuers or companies that are directly controlled by public issuers. In addition, he is also included in the ranks of the main actors in the successful initial offering of Indonesian technology giant Goto Gojek Tokopedia (GOTO).

Most recently, Boy Thohir officially owns shares in PT Tri Adi Bersama or AnterAja, a technology-based delivery service provider that is also one of Tokopedia’s e-commer delivery partners, where one of the company’s top brass serves as a Commissioner at AnterAja.

The existence of Boy Thohir as the owner of AnterAja’s shares was revealed in the information disclosure of PT Adi Sarana Armada Tbk (ASSA), AnterAja’s parent company. In a statement, ASSA said that AnterAja had just issued 490,413 new shares worth Rp 70.55 billion. This amount makes Boy Thohir the holder of 10% of AnterAja’s shares.

A few days earlier Boy Thohir, who served as the main commissioner at GOTO, succeeded in bringing a giant technology start-up to the stock exchange and overtaking the capitalization of the state-owned telecommunications issuer, Telkom Indonesia (TLKM) on its trading debut.

Boy Thohir officially served as the company’s commissioner in 2022. After the IPO his shares directly in GOTO were recorded at 0.09%.

In early March, Boy Thohir was also known to have completed the share takeover transaction of PT Trimegah Sekuritas Indonesia Tbk (TRIM) through a stock crossing transaction on the Exchange on March 2, 2022.

A total of 2.4 billion shares or the equivalent of 33.8% changed hands at a price of Rp 191/share (Rp 470 billion) in trading on March 2.

Currently, as the new controller, Boy Thohir is conducting a mandatory tender offer which started at the end of last month (30/3) and will last until 28 April 2022, with the payment date stated to be 9 May 2022.

The number of shares in this mandatory tender offer is equivalent to 50.77% of the total issued and fully paid capital in the company. The mandatory tender offer price is IDR 218 per share. This means that the maximum value of this mandatory tender is IDR 786.83 billion.

Dominant Mine

Even though it looks like he is starting to move swiftly outside the resource exploitation business, in fact Boy Thohir is still very focused on the mining industry. This is evident from the latest IPO conducted by a subsidiary of ADRO which produces coke or coal for metallurgical purposes.

Since it was initially offered to the public at a price of Rp 100/share, Adaro Minerals (ADMR) has been the target of many investors. As a result, now the price has increased 2.740% since the IPO to the level of Rp 2,840 per share at the close of trading session I Thursday (14/3).

Currently, its market capitalization has even outperformed its parent company, where ADMR’s valuation reaches Rp. 116.11 trillion, while ADRO’s is at Rp. 105.55 billion.

Based on estimation CNBC Indonesia Research Team, Boy Thohir, who served as the company’s main commissioner, controlled 8.25% of ADMR’s shares prior to the IPO, either directly or through other entities and was listed as one of the beneficial owners of the company (ultimate beneficial owner).

This figure is certainly diluted after the company issues 15% new shares for the IPO, and if there has been no new buying or selling since the IPO, Boy Thohir’s stake in ADMR is still around 7.01%.

Meanwhile, in Adaro Energy, which is the main producer of Indonesian thermal coal, Boy Thohir has a direct ownership of 6.18%. While the overall ownership figure is certainly more than that considering Boy Thohir – together with TP Rachmat, Benny Subianto’s family and Edwin Soeradjaya’s family – are part of the PT Adaro Strategic Investment joint venture which is the controlling company with 43.91% share ownership.

Apart from coal mining, Boy also has shares in gold mining companies with the Minister of Tourism Sandiaga Uno. Direct share ownership of Boy Thohir in Merdeka Copper Gold (MDKA) reached 8.77%.

[Gambas:Video CNBC]


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