Multipolars to buy Matahari shares

Multipolars to buy Matahari shares

JAKARTA (JP): An extraordinary meeting of shareholders of PT
Multipolar Corporation approved yesterday the company's plan to
forge an alliance with PT Matahari Putra Prima.

Multipolar said the alliance was expected to raise its
consolidated turnover from Rp 2 trillion (US$869.56 million) this
year to Rp 15 trillion a year by 2007 and increase its profits by
up to five folds.

Multipolar said it would finance the alliance by issuing
rights shares.

The shareholders also approved Multipolar's new board of
commissioners including president Hari Darmawan, vice president
Roy E. Tirtadji, who is Lippo Group's managing director, and
James T. Riady.

The company's executive includes president Winardi Setiaputra
and directors Jeffrey K. Wonsono and Handoko A. Tanuadji.

Multipolar is a publicly listed firm involved in information
technology and investment services. It is controlled by Lippo
Group.

Last month it announced a plan to acquire 50.1 percent of
Mataharijaya Putraperkasa, the personal holding company of
Matahari's founder, Hari Darmawan.

Under the plan, Multipolar would offer to buy 202.95 million
shares of Matahari and tender for an additional 5.1 percent of
the firm.

Multipolar and Matahari, the country's largest retail chain,
said last month they would join forces in retailing to anticipate
globalization.

The companies said their synergy in merchandising, purchasing,
marketing, advertising, warehousing, technology and corporate
imagery would help increase their revenues.

Their retail franchises include Matahari stores, Mega M
supercenters, Galeria department stores, Super Ekonomi stores and
Mulipolar's Wal-Mart supercenters, Fireworks Family Entertainment
centers and JC Penney stores. (pwn)