Indonesia retailer Ramayana plans to buy rival Alfa
JAKARTA, Jun 26, 2007 (Reuters) - Indonesian retailer, PT Ramayana Lestari Sentosa Tbk (RALS.JK: Quote, Profile , Research), said it plans to buy a 55 percent stake in supermarket chain, PT Alfa Retailindo Tbk (ALFA.JK: Quote, Profile , Research), at 1,600 rupiah a share.
Ramayana, which runs department stores in Indonesia, said in a statement to the Jakarta stock exchange late on Tuesday that it planned to buy the stake from PT Sigmantara Alfindo, a shareholder of Alfa, without elaborating.
Shares in Alfa, which has a market capitalisation of nearly $80 million, ended 2.7 percent higher on Tuesday at 1,540 rupiah. The company has a chain of supermarket and small convenience stores in Indonesia.
Ramayana has 88 stores in Southeast Asia's largest economy under the name of Ramayana and Robinson, mostly catering to low and middle income consumers. Its enterprise value was around $820 million.
JAKARTA, Jun 26, 2007 (Reuters) - Indonesian retailer, PT Ramayana Lestari Sentosa Tbk (RALS.JK: Quote, Profile , Research), said it plans to buy a 55 percent stake in supermarket chain, PT Alfa Retailindo Tbk (ALFA.JK: Quote, Profile , Research), at 1,600 rupiah a share.
Ramayana, which runs department stores in Indonesia, said in a statement to the Jakarta stock exchange late on Tuesday that it planned to buy the stake from PT Sigmantara Alfindo, a shareholder of Alfa, without elaborating.
Shares in Alfa, which has a market capitalisation of nearly $80 million, ended 2.7 percent higher on Tuesday at 1,540 rupiah. The company has a chain of supermarket and small convenience stores in Indonesia.
Ramayana has 88 stores in Southeast Asia's largest economy under the name of Ramayana and Robinson, mostly catering to low and middle income consumers. Its enterprise value was around $820 million.
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