Salim group quits PT Gelael<\/p>\n
JAKARTA (JP): PT Gelael Supermarket, the domestic grocery
\nstore pioneer, announced yesterday that the Salim Group had
\npulled out of the company.<\/p>\n
Gelael's president, Dick Gelael, said his company and Salim
\nGroup had agreed to end their cooperation on March 31 this year
\nand split their holding in the country's 18 Gelael stores.<\/p>\n
\"Salim Group and Gelael each got nine stores, but the Salim
\nGroup cannot operate the stores under the name Gelael,\" Dick said
\nafter signing a document creating Gelael's new joint venture with
\nBakrie Goro Land.<\/p>\n
He did not say what caused the split. He said such things were
\nbound to happen in business<\/p>\n
Salim Group is a powerful conglomerate, with giant
\nsubsidiaries including Indofood and Indocement.<\/p>\n
Gelael now owns nine outlets in Jakarta, Surabaya (East Java),
\nSemarang (Central Java), Pekanbaru (Riau) on Batam island and in
\nother cities. Its has Rp 10 billion (US$4.11 million) worth of
\nassets after the split.<\/p>\n
Expansion<\/p>\n
Gelael will pursue retail growth in partnership with Bakrie
\nGoro Land, a joint venture of Bakrie Group and PT Goro Batara
\nSakti.<\/p>\n
The companies signed an agreement yesterday to form Gelael
\nBatara Bakrie. The joint venture will operate Gelael
\nsupermarkets.<\/p>\n
Bakrie Goro Land will own 60 percent stake of Gelael Batara
\nBakrie and Gelael will own 40 percent.<\/p>\n
Nirwan Bakrie of the Bakrie Group said Bakrie Goro Land would
\nprovide the land and infrastructure for Gelael's new outlets.<\/p>\n
Bakrie Goro Land would not take part in the management of the
\ncompany, nor would it supply the goods to be sold in Gelael,
\nNirwan said.<\/p>\n
He said his company had invested Rp 15 billion as equity for
\nthe joint venture.<\/p>\n
Dick said Gelael was now studying locations for new outlets,
\nand that he expected Gelael to operate about 40 outlets by the
\nyear 2000.<\/p>\n
\"The cooperation with Bakrie will help Gelael expand its
\nbusiness again,\" he said.<\/p>\n
Bakrie Goro Land is 51 percent owned by Bakrie's property
\nsubsidiary, Elang Realty, which has been renamed PT Bakrie Land
\nDevelopment.<\/p>\n
PT Batara Sakti, which operates Goro wholesale centers, owns
\nthe remaining 49 percent. (das)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/salim-group-quits-pt-gelael-1447893297",
"image": ""
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