Dharma's shares in Telagamas

SURABAYA (JP): PT Dharma Pinastika Raharja said yesterday it has bought 10 million shares, or 10.1 percent of PT Telagamas Pertiwi, for Rp 28 billion (US$11.66 million) on the local stock market.

Telagamas said yesterday it bought the shares on June 5 as part of its portfolio investment.

PT Telagamas Pertiwi also said it had signed a memorandum of understanding with PT Naramitra Tara to boost its distribution network.

The company said the agreement would allow the two companies to share stores and cross-sell products.

Telagamas will sell VHS cassettes, Sony lasers, RCA disc and CD players at Naramitra's Disc Tara and Mega Tara stores.

Music and videos, CDs, laserdiscs and CD games distributed by Naramitra will be sold at Telagamas Pertiwi outlets such as Jakarta Electronics Center, in Pondok Indah Mall, in South Jakarta.

Telagamas is a distributor and retailer of consumer electronic products and home appliances and Naramitra is the owner and operator of Disc Tara and Mega Tara video stores with 42 outlets throughout the country. (nur/09)