Trans Corporation, owned by Chairul Tanjung, bought 50% shares of the operator Metro Department Stores, PT Metropolitan Retailmart. Chairul Tanjung acquired the shares from Singapore’ Metro Holdings Ltd. and its subsidiaries, Metro Pte. Ltd., for S$25 million (US$18.45 million).
Metro is expected to receive investment gain of S$9.3 million. The first store of Metro opened in 1991 in Jakarta. At present, Metropolitan has operate 11 outlets in Jakarta, Bandung in West Java, Surabaya in East Java, Solo in Central Java, Makasar in South Sulawesi, and Manado in North Sulawesi.
In recent years, Metro has adjusted its retail business in Jakarta in order to respond to changing market conditions. Nevertheless, the retailer continues to focus on its core business in Indonesia and Singapore, along with investment and property development.
Earlier, Metro and Lee Kim Tah Group’ wholly-owned Shawco joint with Trans Corp developed 32-storey residential towers in Bekasi, West Java with total investment of Rp1.99 trillion. The project was completed in 2018 and offered seamless connectivity between cities in the country which drive more economic growth.
The investment will serve as the start of a strategic alliance between Trans Corp, Metro and Lee, where each can contribute its expertise and complement each other particularly in the Indonesian real-estate sector.
The Metro Group’ 90 percent commitment for the Investment is approximately Rp1.79 trillion ($127.86 million). The group fund the investment from internal cash sources.
