JAKARTA: Multination financing company PT Arthavest Tbk plans to sell its subsidiary PT Artha Securities Indonesia to it affiliated company, PT Artha Perdana Investama, Arthavest shareholder.This matter was revealed at Extraordinary General Meeting of Shareholders (EGMS) agenda on March 16. The agenda was announced on PT Kustodian Sentral Efek Indonesia statement, yesterday.The transaction is material, affiliated and conflict of interest, said President Arthavest Tjandraskah on their disclosure to PT Bursa Efek Indonesia (BEI).The material transaction was under Financial Institution and Capital Market Supervisory Agency (Bapepam-LK) Decree No. IX.E.2 on Material Transaction and the Transformation of Core Business, and IX.E.1 on Affiliate Transactions and Conflicts of Interest in Certain Transactions.Arthavest and Artha Perdana Investama are Artha Securities Indonesias shareholders, which has a license as a member of stock exchange and underwriter.Arthavest manages 99.99% of Artha Securities shares, led by Hambali Hazali while 0.01% managed by Artha Perdana. The ARTA-coded share also plans to take over PT Sanggraha Dhika shares.PT Sanggraha Dhika is a property unit under Hotel Red Top Pecenongans management in Jakarta. The transaction is also part of material transaction and core business transformation as classified on Bapepam-LK Decree No. IX. E.2.In addition to both agenda, they also plan to reshuffle their director and commissioner structure. On yesterday trading, the share was sold at IDR360, stagnant since the first day of trading. (T05/wiw)

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