A man shops in Matahari retail department store in Jakarta February 11, 2010. Last month, European buyout fund CVC Capital Partners spent over 770 million to form a join venture with retailer Matahari Putra Prima to own 80 percent of its department store unit, making it the biggest recent foreign private equity investment in the country.Jakarta, Indonesia (News Today) - Indonesia’s biggest retailer by market value on Monday said it will keep its Hypermart unit as a wholly-owned business and was seeking a “strong global partner” to help develop it. PT Matahari Putra Prima (MPP), which owns a chain of supermarkets across the country, made the decision on the recommendation of global investment bank Merrill Lynch, it said in a statement.
Four global retailers, including South Korea’s Lotte Shopping, the United States’ Wal-Mart and France’s Casino Guichard-Perrachon, reportedly expressed interest last year in buying a majority stake in the hypermarket business. Matahari, which is controlled by the Lippo Group, one of country’s biggest conglomerates, decided against the sell-off but it has not excluded joining them in a possible partnership.
“We would like to bring in a strong global partner and are determined to retain and grow our Hypermart business and to streamline other non-core operations,” its president director Benjamin Mailool said in a statement.
“We welcome the interests of global players to invest or acquire a substantial interest in MPP. But it is important to note at this moment that there is no assurance that any of the plans will materialise,” he added.
Matahari operates 52 hypermarkets, 25 supermarkets, 53 pharmacy outlets, 90 family-entertainment centres and 18 bookstores across Indonesia, according to the statement. Indonesia, whose economy is forecast to grow by 6.4 percent this year, was largely unaffected by the recent global financial crisis due to its huge domestic demand.
Source : kompas
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