Matahari to relocate HQ

Matahari to relocate HQ

The Matahari Group, one of Indonesia's largest retail chains,
with 40 stores across the country, will relocate its headquarters
from the capital city to Karawaci, a new satellite city near
Tangerang, West Java.

In preparation for the relocation, Matahari has bought 108
houses for its employees at the Gading Serpong estate near
Karawaci, with loans financed by Citibank, under an agreement
signed here on Friday.

PT Jakartabaru, a subsidiary of PT Summarecon Agung, is
developing the Gading Serpong estate, complete with public
facilities and services, including a 24-hole golf course designed
by Graham Marsh. Around 2,000 houses in the area have been
completed and sold.

The golf course, being built by Taisei from Japan, is slated
to open next September. (vin)