Talks on Hypermart sale continues
JAKARTA: Despite the unsuccessful closing, Indonesia biggest retailer under Lippo Group, PT Matahari Putra Prima Tbk (MPPA) ensures to continue Hypermart divestment.Yet, the second round negotiation deadline is not clear. From four bidders, only Lotte
JAKARTA: Despite the unsuccessful closing, Indonesia biggest retailer under Lippo Group, PT Matahari Putra Prima Tbk (MPPA) ensures to continue Hypermart divestment.Yet, the second round negotiation deadline is not clear. From four bidders, only Lotte Shopping Co Ltd that, through their disclosure to South Korea Stock Exchange early this week, confirmed their participation on the second round.Other bidders like Wal-Mart Inc,US, Casino Guichard Perrachon SA, France, have not confirm their participation, said one of the executives involved in the divestment in Jakarta, yesterday.As known, Hypermart acquisition was scheduled to close this week, which process has been started October last year or since management appointed Merill Lynch Pe Ltd (Singapore) as the financial advisor on the divestment.Market response this situation by buying Matahari and its parent PT Multipolar Tbk shares last week. As Yesterday, when the divestment closing was officially failed, investors immediately released the two stocks.On yesterdays trading, Matahari, under the MPPA shares code, slipped 11.98% to IDR1.470 and forming market capitalization for about IDR8.2 trillion. Meanwhile, Multipolar with MLPL-coded share trimmed 10.77% to IDR290 to form IDR2.24 trillion market capitalization.Matahari Director and Head of Corporate Communication Danny Kojongjan confirmed the continuation of divestment negotiation, last evening. He also informed that there are number of requirements requested by the four global retailers who intended to acquire Hypermart.The requirement is Matahari should release non-core assets. They also wanted to manage majority shares but however, the amount of shares is under Multipolar decision.Negotiation carried out directly by Multipolar. We only accommodate the assets divestment requirement. We just close the first chapter, now we enter the second one.The assets to be released, he added, are family game center Timezone, bookstore Times, bottled water distributor in East Java PT Tason which 40% shares of it owned by Matahari and PT Prima Cipta Lestari, Matahari subsidiary business on dining service.Another assets are number of property units e.g. distribution center, Menara Matahari building in Karawaci, Banten and 10 stores in all over Java island that currently used by Matahari Department Store and Hypermart.After assets diversion, Matahari will focus on the development of food retail business Hypermart. The release of non-core business will not harm the company as 90% contribution comes from Hypermart, he said.Unfortunately Kojongian could not shares further detail on the transaction value of the shares released, divestment deadline set by the corporate and whether the non-core business will be maintained under Lippo Group structure or not.Merrill RecommendationMatahari President Director Benjamin Mailool said that the release of non-core assets is recommended by Merrill Lynch as well. They also encouraged the entry of global player to Matahari.We are very pleased of global players seriousness on investing or managing substantially. However, we cannot ensure when the plan could be realized, as he said on a press conference.In the mean time, PT Pemeringkat Efek Indonesia (Pefindo) analyst Dipo Akbar Panuntun assumed the benefit that will be gained after the entry of global retailers to Matahari is depend on investment value.Matahari, he added, as one of the biggest players in retailer business must have sufficient experience in the domestic retail market. For the reason, the company actually does not really need a global partner to develop Hypermart. (t05/wiw)
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