Matahari Department Store ups stake in MatahariMall.com operator

GEI is the controlling shareholder of PT Sinar Rekata Earth and PT Lenteng Transcontinental. The two subsidiaries are the principal shareholders of PT Solutions E-commerce Global, which operates MatahariMall.com.

In a prospectus submitted to the Indonesian Stock Exchange, Matahari Department Store said, it has bought 4.4 million shares of GEI valued at Rp 53.14 billion ($3.88 million).

LPPF exercised its option to buy the GEI shares at a price of Rp 12,065 per share in accordance with the agreement signed granting option rights on August 15, 2015.

Prior to the transaction, LPPF’s holding was 2.63 million shares in PT GEI or 1.99%, PT Matahari Putra Prima Tbk (MPPA) 2.63 million shares or 1.99%, PT Duta Wibisana Anjaya 5 million shares, or 3.79%, PT Sinar Mustika Dutamas 10 million shares, or 7.58%, PT Investama Digital Venture 111.65 million shares or 84.64%.

After the transaction (options were exercised), the ownership of LPPF in PT GEI increased to 5.16%, MPPA at 1.93%, PT Duta Wibisana Anjaya 3.67%, Dutamas Sinar Mustika 7.34% and PT Investama Digital Venture 81.9%.

In the prospectus, Matahari Department Store said that it carried out the transactions because it considers e-commerce as having high growth potential in the country.

MatahariMall.com, officially launched its operations in September 2015 to tap Indonesia’s growing online retail space.

Also Read: Indonesia e-commerce Dealbook : Government mulls five-year roadmap, Mataharimall launches online platform

Indonesia’s MatahariMall ties up with state postal service for O2O push