Matahari sells Prapatan stake

JAKARTA (JP): The country's largest listed retail firm PT Matahari Putra Prima sold its 12.61 percent stake in PT Hotel Prapatan yesterday through the crossing board at the Jakarta and Surabaya stock markets yesterday.

The company announced that the transaction had been reported to the Capital Market Supervisory Agency (Bapepam) and the Jakarta Stock Exchange (JSX).

"We would like to inform that PT Matahari Putra Prima has sold 25 million shares or 12.61 percent shares in PT Hotel Prapatan through the market," the company said.

Currently Matahari is partly owned by Multipolar Corporation, the operator of the Indonesian branches of Wal-Mart, JC Penny and several other foreign retail chains.

PT Hotel Prapatan, founded in 1969, owns the five-star Hotel Aryaduta.

Matahari is Indonesia's largest retail group with 81 retail outlets operating throughout the country. (aly)