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Tag: jakarta

  • Paris Baguette arrives in Indonesia

    Paris Baguette arrives in Indonesia

    Erajaya Food & Nourishment (“EFN”) and Paris Baguette of Singapore (“PB”), officially entered into a joint venture partnership through the signing of a Joint Venture Agreement represented by Ms. Gabrielle Halim from EFN and Mr. Jin-Soo Hur from PB.

    Through this partnership, Paris Baguette, the well-loved fast-casual bakery from South Korea, known for its quality, delicious and innovative array of pastries, breads and cakes, officially enters the Indonesian market. The highly-anticipated debut would make Indonesia the fourth country in South East Asia that Paris Baguette would call home.

    Paris Baguette’s entry into the Indonesian market promises to break through the country’s F&B clutter, by offering elevated culinary concepts and a plethora of delicacies, crafted using premium ingredients, guaranteed to satisfy the most discerning taste.

    Gabrielle Halim, CEO of Erajaya Food & Nourishment, stated, “We are honoured to partner with Paris Baguette to expand its footprint in Indonesia. Their commitment to innovation and quality is in line with our vision to become a leading F&B player in Indonesia. We are certain the food lovers in Indonesia will welcome and enjoy Paris Baguette’s fresh concept and unique offerings when we open our first stores shortly.”

    “We are delighted to partner with Erajaya Food & Nourishment, who shares our vision of making the world a happier place through innovative products and by leading with integrity. Together with our partner, we will bring the high-quality treats that we love from Paris Baguette to Indonesia. Our expansion into Indonesia is a part of our globalization strategy.” said Hana Lee, Vice President of Paris Baguette SEA, SPC Group.

  • Foot Locker looking at Indonesia with stores and online platform

    Foot Locker looking at Indonesia with stores and online platform

    New York-based specialty athletic retailer, Foot Locker will be opening two stores and a localized webstore in Indonesia. Signing an exclusive licensing agreement with sports and leisure retailer PT Map Aktif Adiperkasa (MAP Active), the stores are scheduled to open in the fourth quarter of this year. There will be more stores to come in 2022.

    With plans to venture into the Southeast Asia market, Foot Locker acquired Text Trading Company, K.K (atmos) for US$360 million last month. Text Trading Company, K.K owns and licenses the atmos brand, a digitally-led, premium, global retailer headquartered in Japan. The acquisition of atmos will accelerate Foot Locker’s global reach with a highly strategic foothold in Japan, the third-largest economy globally while extending the company’s premium and top-tier offering.

    Noting that atmos is uniquely positioned, chairman and CEO of Foot Locker, Richard A. Johnson said that its innovative retail stores, high digital penetration, and distinctive products have made it a key influencer of youth and sneaker culture. With atmos, the company would be executing against its expansion initiative in the “rapidly growing Asia Pacific market”. Johnson added that this would establish a critical entry point in Japan and the company would benefit from it well.

    Johnson also expressed his excitement to bring atmos into the company’s portfolio brands and build on the strong foundation of this differentiated business. Welcoming atmo’s founder, Hidefumi Hommyo, Johnson said that he is considered as “one of the most influential people in streetwear and sneaker culture.”

    “Our passion for sneaker culture and ability to connect with our customers have been the driving forces of our growth ever since,” said Hommyo. He then emphasised that he was excited to join forces with Foot Locker to propel atmos into the next phase of growth as the company shares the same passion.

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  • Index Living Mall opens again in Indonesia

    Index Living Mall opens again in Indonesia

    Thai home furnishings retailer Index Living Mall Co Ltd has opened a new store under a partnership with Indonesian-based CT Corp in Jakarta.

    s in PT Retail’s Transmart Carrefour complex in the city’s CempakaPutih district. It covers 2,500 square metres of retail space.
    The company’s president and CEO Pisith Patamasatayasonthi said that the company expects to open as many as five to 10 stores next year and annually until 2020 in Indonesia.

    Shafie Shamsuddin, president director and CEO of PT Trans Retail Indonesia, said: “This strategic partnership is expected to provide added value for Indonesian consumers with more and more sophisticated choices of furniture products at Index Living Mall that are integrated in one area with Transmart Carrefour.

    “Surely this will provide a trend of positive and complementary consumer spending needs between Transmart Carrefour and Index Living Mall as well as we help to provide place and space for local products to partner with us.”

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  • Indonesia’s Bank Central Asia Targets Digital Growth

    Indonesia’s Bank Central Asia Targets Digital Growth

    Banks are playing catch-up to technology players in one of the world’s largest unbanked markets.

    Bank Central Asia (BCA) is boosting its digital capabilities amid increased competition from tech players in the banking space, according to a report on Wednesday.

    Indonesia’s biggest lender by market value will be investing $200 million to help its month-old digital unit Blu to increase market share ahead of an initial public offering in two years’ time. Blu currently has about 110,000 customers.

    BCA is targeting a fourfold increase in its capital, to four trillion rupiah (S$376.5 million), and is focused on gaining more customers, partners and merchants on its digital platform before the IPO, BCA president director Jahja Setiaatmadja told the publication.

    The country has an unbanked market of 83 million people, or about one-third of the population, and while traditional players have found it tough to expand across the archipelago nation, technology players have an advantage in their ease of scaling operations to meet this demand.

    Indonesia-headquartered super-app Gojek increased its stake in Bank Jago in December 2020 as part of its bid to accelerate financial inclusion in Asia, while Singapore-based e-commerce and gaming company Sea, which recently won a licence to run a digital bank in Singapore, bought unlisted lender Bank Kesejahteraan Ekonomi in January.

  • Subway plans to start selling into Indonesia

    Subway plans to start selling into Indonesia

    Subway, the world’s largest restaurant brand, has signed an agreement with PT Sari Sandwich Indonesia, a subsidiary of Indonesia’s food & beverage retailer, PT Map Boga Adiperkasa Tbk (MBA), whose parent company is PT Mitra Adiperkasa Tbk (MAP). This agreement kicks off Subway’s aggressive plans to expand its international footprint. The partnership will launch Subway restaurants in Indonesia by Q4 2021, with initial locations set to open in the Greater Jakarta region.

    “The demand for Subway restaurants is unprecedented in many markets around the world, including Indonesia,” says John Chidsey, Chief Executive Officer of Subway. “MAP, Indonesia’s leading lifestyle retailer, is the ideal partner to kick off our expansion in the Asia Pacific region, where we know convenient, better-for-you options are in demand. This is just the start of our global expansion plans.”

    A major player in the Indonesian F&B market, MBA has over 590 stores across 33 Indonesian cities serving brands like Starbucks, Pizza Marzano, Krispy Kreme and others. According to the agreement, the Subway brand will be managed by PT Sari Sandwich Indonesia and expands MBA’s business portfolio to eight premium international brands. In addition, Indonesia will be the first-ever market to implement Subway’s exclusive country franchise model globally. Based on this model, MBA will solely spearhead Subway’s development in Indonesia with the goal of establishing strong and steady annual restaurant growth.

    “MBA recognizes the importance of food retailing and works with best-in-class brands, making Subway a natural choice,” says V.P. Sharma, Group CEO of PT Mitra Adiperkasa Tbk.

    The partnership expands growth for both companies, allowing Subway fans in Indonesia to get freshly made, craveable food with fast, friendly and convenient service closer to home.

    “Subway offers delicious, better-for-you sandwich choices that cater to the growing trend of Indonesians looking for a more balanced and healthier diet,” said Anthony Cottan, President Director of PT Map Boga Adiperkasa Tbk. “The Subway model of making every sandwich customized, in addition to its convenience and affordability, will attract many guests and position it for growth in Indonesia for many years to come.”

    The expansion into Indonesia marks the first step in Subway’s continuing plans to grow its presence in the Asia Pacific region. The brand’s restaurants and sales throughout the region, in countries such as South Korea, Australia, New Zealand, Thailand and Singapore, have seen significant success in recent years and Subway expects similar results in Indonesia.

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  • Jakarta’s malls reopen – but only to the vaccinated

    Jakarta’s malls reopen – but only to the vaccinated

    Indonesia’s capital Jakarta allowed retail malls to reopen last week to an exclusive crowd – shoppers vaccinated against coronavirus.

    With restrictions still in place in much of Indonesia, Jakarta’s malls are allowed to operate at 25-per-cent capacity to try to keep the economy moving, but customers must prove via a smartphone application that they’ve received at least one vaccination.

    That puts them in a select group, with just one in five Indonesians given a shot so far under a mass-immunization program that started in January.

    “This is a positive measure for the shopping mall. So that visitors can be assured that everyone who enters the mall has been scanned and considered safe and healthy,” said Eka Dewanto, GM of Pondok Indah Mall in north Jakarta.

    Indonesia is fighting to contain a long-running outbreak fuelled by the Delta variant, with more than 3.8 million cases and 115,000 deaths recorded overall, one of Asia’s worst epidemics.

    Like many countries in Asia, Indonesia has struggled to secure vaccines fast enough amid fierce global competition, heightened by the rapid spread of the Delta variant.

    Housewife Ilona Refita, 43, approves of the application used to enter the malls and just wants to get on with life.

    “It’s impossible for us to keep staying at home and not doing things that are supposed to be done, right? We should protect ourselves,” she said.

    Student Salsabilla, 23, said the application was good, but she was uncomfortable that her whereabouts were being recorded.

    “I did wonder why my location needs to be tracked,” she said. “That worries me.”

  • Indonesia’s Bukalapak kicks off $1.1 billion IPO

    Indonesia’s Bukalapak kicks off $1.1 billion IPO

    Indonesia’s Bukalapak launched an up to $1.13 billion IPO ahead of next month’s listing, marking the country’s biggest issue in over a decade amid rising investor appetite for tech stocks in a region boasting a growing consumer class, according to a term sheet seen by Reuters.

    The e-commerce company, which counts Singapore sovereign investor GIC and Microsoft among its backers, is set to be valued at $5.6 billion at the top end of a price range, doubling the company’s valuation from two years ago.

    Details of the IPO are currently being announced at an investor briefing.

    Reuters reported on Thursday that Bukalapak, the country’s fourth-biggest e-commerce firm, was targeting raising more than $1 billion in its IPO, 25% more than previously planned.

  • Indonesia’s Bukalapak aiming for up to $800 million in IPO

    Indonesia’s Bukalapak aiming for up to $800 million in IPO

    Indonesian e-commerce firm Bukalapak is keen to raise as much as US$800 million in an initial public offering (IPO) in August, two people with knowledge of the matter said, the first of two big tech listings in Jakarta this year that will add long-sought luster to the local bourse.

    A mid-year debut could see it become Indonesia’s biggest listing in 10 years and the largest ever for the country by a startup. But those milestones will likely later be overtaken by the planned listing of GoTo – a new company to be formed by the merger of e-commerce rival Tokopedia and ride-hailing and payments firm Gojek.

    Tapping a sharp pick-up in investor interest in Southeast Asia’s rapidly expanding technology sector, Bukalapak, the country’s No 4 e-commerce firm, is aiming to sell 10 to 15 percent of the company and wants a valuation of between US$4-5 billion, the people said.

    A confidential listing prospectus has been submitted to the Indonesia stock exchange, one of the sources said.

    Proceeds from the offering could range between US$500 million and US$800 million depending on investor demand and market conditions, said the sources who were not authorized to speak on the matter and declined to be identified.

    Bukalapak, which said in 2019 it was valued at more than US$2.5 billion, declined to comment.

    The 11-year-old startup which claims to have more than 100 million users has a plethora of big-name investors backing it including Microsoft, Singapore sovereign wealth fund GIC, local media conglomerate Emtek, the investment arm of Standard Chartered, and South Korean web portal Naver Corp.

    Bukalapak was originally aiming to raise US$300 million from its domestic listing before looking to merge with a special purpose acquisition company (SPAC) in the United States, but it is now focusing solely on its IPO, one of the sources said.

    The listing, which sources say is set to take place mid-August, is a victory for Indonesia’s bourse which has been conducting an extensive charm offensive to convince the country’s thriving startups to list locally instead of heading to the US.

    Stagnant for many years, Indonesia’s total IPO deal value took a further hit during the coronavirus pandemic, more than halving in 2020 to US$470 million, Refinitiv data showed. So far this year, 15 companies have raised a combined US$125 million via IPOs.

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  • Bank Jago Partners Mambu and Google Cloud for Digital Bank

    Bank Jago Partners Mambu and Google Cloud for Digital Bank

    The strategic partnership allows the bank to operate in the cloud in Indonesia, where banking data must remain in-country, according to an announcement this week.

    The digital bank will use Mambu’s SaaS banking platform and Google Cloud to offer new services to meet the needs and demands of Indonesian customers.

    Bank Jago launched its smartphone app in April 2021 in Indonesia, home to the fourth-largest unbanked population globally.

    Its service offerings include everyday transactions and payments, and the bank has plans to branch out into SME lending.

    Bank Jago believes that technology is not only providing new experiences to its customers, but it also enables the bank to operate efficiently, and to constantly create innovative breakthroughs, Kharim Siregar, Bank Jago president director, said in the announcement

    Formerly known as Bank Arto, Bank Jago is backed by the likes of super app Gojek, which recently increased its stake in the lender, as well as Singapore state investor GIC.

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  • Indonesia retail sales down 14.6 percent in March

    Indonesia retail sales down 14.6 percent in March

    Retail sales in Indonesia fell at a slower pace of 14.6per cent on annual basis in March, compared with an 18.1per cent fall in February, a central bank survey showed on Tuesday.

    Stronger fuel sales were supportive, although sales of clothes and recreational amenities continued to show drops during the month, the survey showed.

    Bank Indonesia, which had forecast a 17.1per cent drop in sales in March, is predicting a 9.8per cent increase in April.

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  • Ooredoo Group Announces USD750 million Deal for Sale of More Than 4,200 Telecoms Towers in Indonesia

    Ooredoo Group Announces USD750 million Deal for Sale of More Than 4,200 Telecoms Towers in Indonesia

    Ooredoo  today announced that its Indonesian operating company, PT Indosat Tbk. (“Indosat Ooredoo”), has signed a sale and leaseback agreement with PT EPID Menara AssetCo (“Edge Point Indonesia”) for more than 4,200 telecommunications towers.

    PT EPID Menara AssetCo is an Indonesian subsidiary of Edge Point Singapore, which is wholly owned by Digital Colony, a leading global digital infrastructure investor with extensive experience owning and operating cellular towers.

    Indosat Ooredoo has agreed to sell this portfolio of towers in a transaction valued at USD 750 million, including a supplementary offer, making it one of the largest deals of its kind in Asia. The sale will unlock capital to create value for shareholders and continue to build Indosat Ooredoo’s strong growth momentum through improvements to network performance and the launch of innovative new digital solutions to enhance the customer experience.

    The sale is part of Ooredoo Group’s strategy to move to a more efficient and flexible asset light model and unlock the trapped value of its infrastructure portfolio. Prior to this deal, Ooredoo had a global portfolio of approximately 27,000 owned towers, representing an infrastructure portfolio of significant value for the Group. Monetising these assets to create more value for both shareholders and customers is a key focus of Ooredoo’s current strategy.

    Aziz Aluthman Fakhroo, Managing Director of Ooredoo Group, said: “Congratulations to Indosat Ooredoo on this sale and leaseback agreement with Edge Point Indonesia, which aligns perfectly with our new strategy and its focus on creating more value for shareholders and customers. This strategy incorporates a shift towards an asset-light model that will help us unlock significant capital and enable us to focus on our core mission of delivering outstanding digital and enterprise services to our customer base. I extend our gratitude to the Government of Indonesia for its progressive policies that leave a positive impact on the industry, its operators and its people.”

    Edge Point Indonesia was declared the winning bidder of a competitive tender process conducted by Indosat Ooredoo. The transaction is expected to close in Q2 2021 subject to customary conditions, including shareholder approval by Indosat Ooredoo at an EGM, which is planned to be held on May 6th. Indosat Ooredoo will lease back space on the towers for a period of 10-years to meet its ongoing requirements.

    President Director and Chief Executive Officer of Indosat Ooredoo, Ahmad Al Neama, added: “I am delighted that Indosat Ooredoo has agreed this deal, which furthers our strategy to create more value from our infrastructure assets. The deal marks the third and final sale of assets from our high-quality tower portfolio and continues our transition into a leading digital telecoms company. We are confident the leaseback agreement, with its attractive terms, will continue to meet our ongoing tower needs, while the capital that we have unlocked will provide further fuel to power our growth momentum. Indosat Ooredoo and Edge Point Indonesia will work closely together going forward and build a strong and long-lasting strategic partnership.”

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  • Validus’ Indonesia Arm Wins Lending License

    Validus’ Indonesia Arm Wins Lending License

    The platform, which caters to the financing needs of micro, small, and medium enterprises (MSMEs) in the country, experienced strong growth in 2020.

    Batumbu, a subsidiary of Singapore-based Validus, has received regulatory approval to operate as a licensed digital financing platform in Indonesia, it announced in a statement.

    With the license, the startup will ramp up efforts to improve financing access and financial literacy within business ecosystems across provinces in Indonesia, Jenny Wiriyanto, CEO of Batumbu said.

    Batumbu has disbursed over S$207 million ($153.76 million) to MSMEs since starting its operations in April 2019. In the past year, it has grown by some 650 percent as MSMEs pivoted their businesses amid the COVID-19 pandemic.

    The strong performance is expected to continue as economic recovery and activity picks up, Validus said.

    Our “glocal” structure gives us a strategic advantage in implementing best practices, strong credit models and governance framework across our markets, Ajit Raikar, Validus’ co-founder and executive chairman, said in the announcement.

    Launched in 2015, Validus has since facilitated over S$775 million in SME financing through its entities in Singapore, Indonesia, Vietnam, and most recently, Thailand.

    Validus is backed by the likes of Netherlands development bank FMO and Temasek Holdings’ Vertex Ventures and Vietnam’s VinaCapital.

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  • Ted Baker appoints new Indonesian distributor

    Ted Baker appoints new Indonesian distributor

    The MENA deal is actually an extension to the current retail agreement Ted Baker has with Al-Futtaim Group but adds in new e-commerce and wholesale rights for the region. The all-new 10-year Indonesia dealx has been signed with PT Mitra Adiperkasa (MAP) for the retail license.

    The fellow-10-year Al-Futtaim agreement now means MENA will be Ted Baker’s first full omnichannel territory operated by a license partner. The complete integrated package across retail, digital and wholesale channels “is a key pillar of the group’s three-year transformation plan… which is designed to deliver a more profitable, more cash generative and higher return on capital employed business”, Ted Baker said.

    Al-Futtaim currently operates 24 Ted Baker stores and concessions across Bahrain, Egypt, Qatar, Saudi Arabia, and UAE. The addition of e-commerce and wholesale rights will aim to further strengthen the customer experience of the brand in the region, they said. Specific benefits to customers will include alignment of pricing and promotions across channels, and an improved e-commerce proposition with shorter delivery times, and ship-from-store and click-and-collect services.

    Meanwhile, under the terms of its retail and selective digital rights agreement, MAP has “committed to an ambitious store and concession opening plan and will sell via selective online platforms in Indonesia”. This expanded distribution will build brand awareness in the Asian region alongside the five other license partners and the group’s China JV, Ted Baker noted.

    Following these new license agreements, Ted Baker will have 17 retail license partners and 20 product license partners across the globe.

    Helen Costello, Group Commercial and Business Development Director at Ted Baker, said: “Having worked with the Al-Futtaim team for many years, we know they have an excellent understanding of Ted Baker and our customers. Al-Futtaim’s experience also means that they are particularly well-placed to fully realize the significant growth potential from the accelerating consumer shift to online channels in the region”.

    She added: “MAP is the leading retail expert in Indonesia, and they have the right team and experience in place to build on the strong foundations that are already in place. It is a testament to the strength of our brand that we continue to partner with the leading experts in their relevant categories across the world”.

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  • Bank Permata CEO to Head Indonesia’s New Wealth Fund

    Bank Permata CEO to Head Indonesia’s New Wealth Fund

    The fund, which currently has around $15 billion in assets, is targeting to grow to $100 billion.

    Ridha Wirakusumah, who has been CEO Indonesia’s Bank Permata since 2017, will become the chief executive officer of the country’s new strategic development sovereign wealth fund, the Indonesia Investment Authority said in an announcement on Tuesday.

    Wirakusamah has held a number of leadership positions in his career, including president and CEO of AIG Consumer Finance Group Asia, Asia Pacific president and CEO at AIG, president CEO for AIG Finance (Hong Kong), head of corporate finance at Banker Trust Indonesia, APAC CEO at General Electric and head of banking at GE Money Asia.

    We want INA to reduce the gap in domestic funding needs and development financing, and provide development financing, especially for national infrastructure,» Indonesia President Joko Widodo said in a briefing on Tuesday.

    The Indonesia Investment Authority’s slate of executives includes Arief Budiman, a former director of oil and gas giant Pertamina, who will serve as deputy CEO. Also joining the fund is Stefanus Ade Hadiwidjaja, previously with private equity firm Creador Capital Group, who will be director of investment.

    Marita Alisjahbana of Citibank Indonesia will be director of risk, while Eddy Porwanto, formerly the chief financial officer of flag carrier Garuda Indonesia, joins as director of finance, the announcement said.

  • Indonesian retail sales fell 16.3 per cent in November

    Indonesian retail sales fell 16.3 per cent in November

    Retail sales in Indonesia dropped 16.3% year-on-year in November following a 14.9% fall a month earlier, a central bank survey showed on Tuesday.

    Sales of telecommunication types of equipment and other household goods contracted in November, the survey showed.

    The survey also forecasts an even deeper contraction of 20.7% in December.

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