PT Dyviacom Intrabumi, the Indonesian Internet service provider is aiming to raise 7 trillion rupiah or US$720.35 through a rights issue in June. The issue would purchase shares from retailers as it is refocusing its drive to a consumer based business.
The majority of the funds raised would be used to purchase a 40% shareholding in the country's largest minimart operator, PT Indomarco Prismatama. PT Indomarco owns the Indomaret brand and the transaction is seen as a consolidation move initiated by the Salim Group of Indonesia.
The Salim Group is on a consolidation mode in the past months after a US$809 million stock and cash sale of its auto firm PT Indomobul Sukses Internasional last December. The company is headed by Indonesian tycoon Anthony Salim.
PT Dyviacom only has a market capitalization of US$11 million but is also planning to purchase a 35.8 shareholdings in Indonesian retail firm PT Fast Food Indonesia. PT Fast Food Indonesia owns the KFC brand in the country and the shares would be purchased from PT Megah Eraraharja.
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