Kawan Lama sells 10% stake in Ace Hardware
PT Kawan Lama Sejahtera, the majority shareholder of PT Ace Hardware, said it has sold a 10% stake in the company to the investing public, Asia Pulse reported.
Kawan Lama Director Hartanto Djasman said his company retains 59.97% in Ace Hardware. This year Ace Hardware is set to chalk up Rp1.2 trillion ($131 million) in sales, an increase of 35% from last year, Djasman said.
Ace Hardware, which holds a franchise license from USHardware Corporation, plans to open more outlets in the regions including in Sidoarjo, Solo, Semarang, Medan, Palembang and Batam, the newspaper Investor Daily said.
Kawan Lama Director Hartanto Djasman said his company retains 59.97% in Ace Hardware. This year Ace Hardware is set to chalk up Rp1.2 trillion ($131 million) in sales, an increase of 35% from last year, Djasman said.
Ace Hardware, which holds a franchise license from USHardware Corporation, plans to open more outlets in the regions including in Sidoarjo, Solo, Semarang, Medan, Palembang and Batam, the newspaper Investor Daily said.