JAKARTA (Indonesia Today) – PT Matahari Putra Prima (MPPA) Tbk plans to divest non-core assets, including Timezone, Times Bookstores.
Media Indonesia quoted Danny Kongjongian, director of Matahari, saying the company expects Rp3.2 trillion from the divestment. The divestment is a recommendation from third party review conducted by Merrill Lynch, Singapore.
After the divestment, MPPA will focus on the development of hypermarket segment with estimated growth of 20-30%. Matahari sets aside Rp1 trillion of capital expenditures this year, of which Rp500 billion has been spent in the first half of 2012.
Other than hypermarket, MPPA also plans to invest in mini market under Big Mart brand. The company expects to generate sales revenue of Rp11.5 trillion this year. (Indonesia Today)