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ublicly listed PT Sumber Alfaria Trijaya, founded by Indonesian billionaire Djoko Susanto, has increased its stake in sister company PT Midi Utama Indonesia, which also runs a minimarket network.

Midi Utama, the owner of minimarket chain Alfamidi, informed the Indonesia Stock Exchange (IDX) on Thursday that its shareholders had agreed to sale and purchase activities on Jan. 15.

The company’s corporate secretary, Suantopo Po, said that Sumber Alfaria had purchased 1.21 billion Midi Utama shares, equal to a 41.82 percent stake, from PT Amanda Cipta Persada.

Prior to the purchase, Sumber Alfaria, which runs the minimarket chain Alfamart, had a 12.75 percent stake in Midi Utama. Following the purchase, Sumber Alfaria owns 54.57 percent of Midi Utama, with the remaining shares split between Lawson Asia Pacific Holdings Pte. Ltd. (30 percent), Midi Utama president director Rullyanto (0.43 percent) and the public (15 percent).

Sumber Alfaria director and corporate secretary Fernia Rosalie Kristanto said that her company had bought shares in Midi Utama for Rp 800 apiece, bringing the total transaction to Rp 964.44 billion (US$100 million).

“We financed the transaction with our internal cash and investment credit that we had previously obtained,” Fernia said over the telephone on Thursday.

She added that her company gained investment credit amounting to Rp 900 billion from Bank Central Asia late last year.

Fernia said the purchase of shares in Midi Utama was an affiliated transaction as Sumber Alfaria and Amanda Cipta were both owned by PT Sigmantara Alfindo, which is controlled by Djoko Susanto, the country’s 20th-richest man, according to Forbes magazine.

Sigmantara currently holds a 99.99 percent stake in Amanda Cipta and 55.92 percent in Sumber Alfaria.

As of the end of December 2012, other shareholders in Sumber Alfaria were the Mitsubishi Corporation (9.09 percent); UBS AG London Branch, UK (8.41 percent); HSBC-Fund Services, Arisaig HSBC — Fund Services, Arisaig Asia Consumer Fund Ltd., British Virgin Islands (6.12 percent); and the public (20.45 percent).

“[Following the shares purchase] we can synergize our business in terms of store locations, coordination and logistics. Moreover, we will have better bargaining power during negotiations with suppliers,” Fernia said.

Midi Utama reported a 51 percent rise in its revenue to Rp 2.8 trillion in the first nine months of 2012 from Rp 1.85 trillion in the same period a year earlier. Its net profits stood at Rp 34.35 billion compared to Rp 18.39 billion the previous year.

Sumber Alfaria’s net sales reached Rp 17.07 trillion in the first nine months last year, an increase of around 27 percent compared to Rp 13.42 trillion in 2011. The company booked Rp 317.38 billion in net profits during the same period, a surge of 40 percent compared to Rp 226.34 billion the year before.