Matahari Department Store, Indonesia largest retailer, has doubled its shares in Global Ecommerce Indonesia, the parent company of local e-commerce firm MatahariMall.com, the company said in a statement.
Matahari spend IDR179 billion (USD12.9 million) to increase its shares in GEI to 10.33 percent in the past six months from 5.16 percent earlier, in order to strengthen its presence in Indonesia’s booming e-commerce market, the company said in a statement on Friday.
It concluded the latest buyout of 7.8 million GEI shares on Wednesday for IDR94 billion in total, according to the statement.