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.