JAKARTA – PT Map Boga Adiperkasa Tbk (MAPB), widely recognized as the operator of Starbucks outlets in Indonesia, experienced a notable collective divestment of its shares by several key members of its board of directors and commissioners. This significant event occurred on Wednesday, November 5, 2025.
According to the company’s information disclosures, at least five high-ranking officials simultaneously offloaded their respective MAPB shareholdings on the aforementioned date. However, the specific reasons behind these substantial sales by each individual shareholder were not provided, leaving market observers to ponder the motivations behind this coordinated move.
Among those who divested was MAPB’s President Commissioner, Virendra Prakash Sharma. Sharma, who previously held 3.57 million shares in the company—equivalent to 0.15% of its total outstanding shares—completely exited his position. Consequently, he no longer holds any MAPB shares. It is worth noting that Virendra’s shares were registered under Bank of Singapore Limited, indicating an indirect ownership status.
Virendra executed the sale of his entire stake at a price of Rp1,600 per share, ultimately securing Rp5.71 billion from the transaction. He explicitly clarified that this sale was not a repurchase agreement. Similarly, MAPB Commissioner Susiana Latif also fully divested her 1.78 million shares, which represented 0.07% of MAPB’s total shares. Latif likewise confirmed that her transaction was not a repurchase agreement.
The wave of share sales extended to the company’s executive leadership. Anthony Valentine Mc Evoy, MAPB’s President Director, divested 1.25 million shares, accounting for 0.05% of MAPB’s total outstanding shares, resulting in him holding no remaining stake in the company. Director Liryawati also participated, selling 89,900 MAPB shares, equivalent to 0.004% of the total outstanding shares. Concluding the list, Director Jap Janti Kusuma Jaya offloaded all of his 446,600 shares, representing 0.01% of the company’s stock.
All five directors and commissioners involved in these significant stock divestments on November 5, 2025, executed their sales at a consistent price of Rp1,600 per share. These insider sales occurred amid what has been a challenging period for MAPB, which had earlier reported a substantial loss of Rp108.69 billion by the third quarter of 2025. Furthermore, the company, alongside its affiliates MAPI and MAPA, has been the subject of acquisition rumors involving a Singaporean firm and has faced market pressures related to a boycott impacting several issuers in the current year.
Bisnis.com made efforts to contact MAPB for an official statement regarding the rationale behind these high-profile insider sales by its leadership. However, as of the publication of this report, no response had been received from the company, leaving the exact motives behind the collective share divestment a matter of ongoing speculation.
Disclaimer: This article is not an invitation to buy or sell shares. Investment decisions rest solely with the reader. Bisnis.com is not responsible for any losses or gains arising from the reader’s investment decisions.
Summary
On November 5, 2025, several key directors and commissioners of PT Map Boga Adiperkasa Tbk (MAPB), the operator of Starbucks in Indonesia, collectively divested their shares. At least five high-ranking officials, including President Commissioner Virendra Prakash Sharma and President Director Anthony Valentine Mc Evoy, simultaneously sold their respective MAPB shareholdings. Many of them, such as Sharma and Commissioner Susiana Latif, fully exited their positions, with all sales executed at a consistent price of Rp1,600 per share.
The specific reasons for these significant insider sales were not provided by the company. This collective divestment occurred during a challenging period for MAPB, which had reported a substantial loss in the third quarter of 2025 and faced market pressures from acquisition rumors and boycotts. Efforts to obtain an official statement from MAPB regarding the rationale behind these high-profile sales were unsuccessful.