Indonesia's Matahari not selling its hypermarts

Indonesia's Matahari not selling its hypermarts

2011-01-11 10:32:52 GMT+7 (ICT)

JAKARTA, INDONESIA(BNO NEWS) -- Indonesia's retail giant PT Matahari Putra Prima on Monday announced that after reviewing recommendations, it will not be selling its Hypermart food retail business, local media reported.

With a strategic review conducted by Singapore's global investment bank Merrill Lynch, Matahari announced that it has decided to seek a global strategic partner to expand its hypermarket business in addition to focusing on its non-core, non-food related businesses, the Jakarta Globe reported.

Previous reports had indicated that South Korea's Lotte Shopping, as well as Wal-Mart, the world's largest retailer, had been seeking the purchase of Matahari's hypermarkets.

Matahari currently operates 52 hypermarkets, 25 supermarkets, 53 pharmacy outlets, 90 family entertainment centers and 18 bookstores. In addition, it operates 93 department stores across Indonesia through a strategic alliance.

In 2011, Hypermart - which generates approximately $1 billion in revenue a year - is expecting to open at least 13 stores, seeking to launch 80 in the next five years. Furthermore, it is projected to grow by more than 22 percent in 2010.

-- © BNO News All rights reserved 2011-01-11