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View all search resultsEconomy in brief: Indoritel to boost e-commerce business
Publicly listed company PT Indoritel Makmur Internasional (DNET), which is majority-controlled by the Salim Group, plans to use a Rp 233
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ublicly listed company PT Indoritel Makmur Internasional (DNET), which is majority-controlled by the Salim Group, plans to use a Rp 233.98 billion (US$18.4 million) fund obtained from a 2013 rights issue to develop its e-commerce business.
'They will use the leftover fund from the rights issue to develop ogahrugi.com,' said a source familiar with the issue.
Ogahrugi.com is the company's e-commerce business portfolio that sells stuff ranging from electronics to apparel online.
Indoritel, which was formerly known as PT Dyviacom Intrabumi, reaped as much as Rp 6.98 trillion from the rights issue in May 2013. Of the Rp 6.98 trillion, Rp 6.7 trillion was used to acquire stakes in mini market chain Indomaret, operated by PT Indomarco Prismatama, publicly listed PT Nippon Indosari Corporindo (ROTI) and publicly listed PT Fast Food Indonesia (FAST), with ownership of 40 percent, 31.5 percent and 35.8 percent, respectively.
The firm has shifted its business focus from Internet service provision to investment, primarily in consumer and retail industries.
