Indonesia: Matahari to up stake in Mataharimall.com to 10%

Visual from the company website

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.

Also Read: Indonesia: Matahari subscribes to rights option for MatahariMall.com; Graha Layar Prima to raise $62m

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.

Also Read:

Indonesia: Matahari Department Store ups stake in MatahariMall.com operator

Indonesia: Lippo Group’s MatahariMall, taxi-app Grab join hands for delivery solutions

 

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.