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