Shares of Catalist-listed Polaris surge 37.5% on SoftBank deal

SINGAPORE (Reuters) - Shares of Catalist-listed Polaris surged 37.5 per cent to 2.2 cents on Wednesday morning, a day after the company said Japan's SoftBank bought a stake in its associated firm Trikomsel Oke Tbk.

SoftBank Group holds a combined 19.9 per cent of the total shares issued by Indonesia's Trikomsel, Polaris said in a statement, adding that it remained the largest shareholder in the company with a 44.88 per cent stake.

Polaris, which sells mobile devices and electronics, is controlled by Sugiono Wiyono, president director of Trikomsel.

Join ST's Telegram channel and get the latest breaking news delivered to you.