Astra sells Makro stake

Tue, 13 Apr 1999 | Source: DJ

SINGAPORE (Dow Jones): Astra International, Indonesia's biggest auto-assembler, has sold a small non-automotive asset.

Rini Soewandi, chief executive, told Dow Jones Newswires here that Astra had just signed an agreement to sell its 17 percent share in a chain of Makro wholesale food-stores in Indonesia to the Dutch parent for about US$7 million.

Makro, which has outlets in several Asian countries, is owned by SHV Holdings NV.

Astra has sold a number of non-core assets in the past six months as part of efforts to deal with its large debts. A restructuring plan for more than $1 billion in debt calls for further asset sales.

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