Matahari, the operator of Hypermart, Smartclub, Foodmart, Boston and FMX, said it wants to acquire another 5 per cent of Mataharimall.com, raising its stake in the online e-commerce marketplace to 10 per cent from 5 per cent.
Director of Matahari Dani Konjongian said the company is currently studying various scheme options for the acquisition, and added that PT Global Ecommerce Indonesia (GEI), the parent company of Mataharimall.com, might release new shares for subscribtion as it had done in previous transactions.
“We are reviewing our options and are hoping to execute the deal this year. In the future Mataharimall.com will play an important role in our business,” Konjongian told DEALSTREETASIA on Wednesday.
Matahari subscribed to 4.82 million (2.5 per cent) additional shares of Mataharimall.com at Rp12,065 a share on Jan. 29, increasing Matahari’s stake to 5 per cent.
Matahari views e-commerce as a significant opportunity to expand the business network of the company throughout Indonesia as a retail brand and believes that this transaction is made as a foundation for a strategic long-term relationship.
MatahariMall.com, officially launched its operations on Sept. 11, kick-starting a $500 million quest to conquer the nation’s burgeoning online retail scene.
Through this investment, it seeks to grab an early-mover advantage in its ambition to become “the Alibaba of Indonesia.”
Hadi Wenas, the portal’s chief executive, said MatahariMall.com is an online super-marketplace, where everyone can buy everything and anyone can sell anything, including electronics, fashion.