Matahari says to retain hypermart as wholly-owned unit

Indonesian retailer Matahari Putra Prima said on Monday it will retain its hypermarket business as a wholly owned entity but will look for a global partner to expand the business.

The decision to retain the unit comes after two rounds of bidding for Matahari's hypermart business, which some sources said was aimed at raising $1 billion.

Following a strategic review by Merrill Lynch, Matahari also said that it plans to sell non-core, non-food retailing assets.Source: Reuters