Matahari leaves Hero

Matahari leaves Hero

JAKARTA: Publicly listed retailer PT Matahari Putra Prima
announced on Tuesday its decision to sell its entire stake in
smaller rival PT Hero Supermarket to Merrill Investment Limited
in order to be more focused on its core business.

In its report to the Jakarta Stock Exchange, Matahari said it
sold 25.9 million shares, or 7.87 percent of Hero's total shares
on Monday.

Matahari did not disclose the price of the sales. But based on
Hero's share price on Monday, the transaction may reach at least
Rp 161.8 billion (about US$16.1 million).

Matahari said that aside from gaining maximum proceeds from
its investment in Hero, the selling of the shares was also aimed
at making the company more focused on its main business of
department stores, supermarkets and hypermarkets. -- JP