REPUBLIKA.CO.ID, JAKARTA -- Indonesian business tycoon Erick Thohir has sold his share of Inter Milan at a value of Rp 2.4 trillion in January. The CEO of Mahaka Group explained the proceeds of the sale partly used to pay off debts and repay equities.

Erick said that his investments in overseas are not fully financed by equities. He said it is impossible for him to merely rely on equities.

"In building a stadium abroad, for example, it is impossible to finance it merely by equities, surely there will be loans," Erick told reporters on Thursday (Jan 31).

According to him, the move was very reasonable. Moreover, all of his investments abroad, did not involve banks in Indonesia but foreign banks.

"So I see it's normal. When we build a business, it can be financed by a combination of equity and debt," he explained.

He added, his investment abroad sometimes brought him a profit. At other times, it reached only the break-even point, he said, adding that it was normal.

Erick has released his remaining 31.05 stakes in Inter Milan to a financial company from Hong Kong, LionRock Capital. Erick is no longer own a single share of the Italian football giants since then.

Following the takeover, LionRock Capital became a minority shareholder at Inter Milan, while the majority shareholder is a Chinese retail giants Suning with ownership of 68.55 percent.

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