Indonesia’s largest retailer for fashion apparel, beauty and home products, Matahari Department Store (MDS), has raised its indirect ownership in online marketplace mataharimall.com to further broaden its business reach through e-commerce.
MDS said that it had recently acquired 4.4 million shares in PT Global Ecommerce Indonesia (GEI) worth about IDR53 billion (USD4.2 million) in a transaction that raised its stake in GEI to 5 percent from 1.99 percent.
GEI owns Matahari Mall through its subsidiaries PT Rekata Sinar Bumi and PT Lenteng Lintas Benua, which hold 99 percent and 1 percent, respectively, in PT Solusi Ecommerce Global, the company behind mataharimall.com. With the acquisition, MDS hopes to benefit from wider access to e-commerce.
(Source: The Jakarta Post )