Fashion
Singapore-based investment firm Albizia Capital has increased its ownership in Catur Sentosa Adiprana to help fund business expansion at the Indonesia-listed building materials supplier.
In a statement received by the Jakarta Globe on Thursday (19/05), Albizia announced that it has increased its stake in Catur by 9.7 percent to 14.61 percent. Albizia previously controlled a 4.91 percent stake in the Jakarta-based company.
This investment changes the Singapore-based investment company’s position to that of a strategic investor.
Catur president director Budyantu Totong said the investment from Albizia reflects high investor confidence in the prospects of the Jakarta-based building materials supplier, which operates the Mitra10 retail chain.
Totong said Albizia has a reputation as an investor in the Association of Southeast Asian Nations region that seeks long-term growth potential and a competitive advantage in the companies it invests in.
Other major investors of in the Jakarta-based building material supplier are the Totong family’s Buanatata Adisentosa (31.32 percent) and Bangkok-based investment company NT Assets (21 percent).
For 2016, Catur Sentosa will take heed and focus on expanding and improving capital efficiency to maximize returns for shareholders, especially for Mitra10.
The distribution company covers a wider range of materials, including chemicals and consumer goods, and operates a network of modern home improvement, building material and furniture showrooms.
Catur Sentosa currently has a network of 42 building material supplier outlets in 40 cities; 21 Mitra10 outlets and 10 Atria furniture showrooms. The company has set target to open 50 Mitra10 outlets by 2020.
Catur Sentosa booked Rp 1.93 trillion ($142.8 million) in sales in the first quarter of this year, 12 percent more than the corresponding period last year.
This year’s sales target is set at Rp 8.5 trillion.
