Indonesian conglomerate Salim Group has teamed up with South Korean retail giant Lotte Group to launch iLotte, an e-commerce platform that will directly compete with the likes of Lazada, Blibli, MatahariMall, and JD.id. The companies have committed to invest $100 million in the new venture, according to media reports.
Meanwhile, aircraft maintenance firm GMF AeroAsia has now listed on the Indonesian Stock Exchange. The company raised just Rp 1.27 trillion ($95 million) from its IPO, much less than previously estimated Rp 5.5 trillion.
Salim Group and Korea’s Lotte join hands for new e-commerce venture
Salim-Lotte’s latest collaboration, online marketplace iLotte, was launched today as a mobile and desktop platform. It counts brands such as Clarins, Shiseido, Audi, Volkswagen, JBL, Canon, Nike, and LEGO.
Salim Group recently took over e-commerce site Elevenia from SK Planet, who decided to make an exit from Indonesia after a four-year long venture with XL Axiata, one of Indonesia’s largest telco firms. XL Axiata also sold its shares in Elevenia to Salim.
“This decision had been taken after careful consideration of various options that could add value to the firm. The sale will allow us to focus more on data provider, while support towards the e-commerce industry will continue through digital features we provide for our customers,” XL Axiata president director Dian Siswarini had said in a statement.
Salim Group has also recently partnered with NUS Enterprise to launch co-working space BLOK71 in Jakarta.
GMF AeroAsia lists on IDX
GMF AeroAsia was officially listed on the IDX board today, becoming the first Indonesian MRO firm that went public. The Garuda Indonesia subsidiary raised Rp 1.1 trillion from selling 2.8 billion shares, or equivalent to 10 per cent of its paid-up capital, at Rp 400 apiece.
The IPO was oversubscribed 2.6 times, the firm reported.
GMF is planning to raise more funds, offering up to a 20 per cent stake to strategic investors.