AURIC CAPITAL EMERGES AS MAJOR SHAREHOLDER IN MATAHARI
PT Matahari Department Store Tbk (“Matahari” or the “Company”; stock code: “LPPF”) announced earlier this week the new composition of its Board of Commissioners, welcoming new commissioner Monish Mansukhani. Mr. Mansukhani is the Deputy CEO of Auric Pacific and representative of major shareholder Greater Universal, a wholly owned indirect subsidiary of Auric Capital. Greater Universal will own slightly over 5% of Matahari after the recent capital reduction exercise, subject to the approval of Indonesia’s Ministry of Law and Human Rights. Singapore-based Auric Capital is an active investor in the consumer sector and is led by Dr. Andy Adhiwana.
John Bellis, Matahari’s President Commissioner (Independent) commented, “We are delighted to welcome Monish Mansukhani on the Board of Commissioners, and by extension, Auric Capital as a major shareholder. Auric Capital has a solid reputation as a long-term and value-added investor in the consumer sector, providing analytical rigour and strategic insights that challenge the status quo to improve the long-term performance of a company. This is Auric Capital’s maiden investment in Indonesia and we are pleased that they have recognized the strength in Matahari’s brand, initiatives, and management team.”
Mr. Mansukhani remarked, “Matahari is well positioned to build on its market-leading position to capitalize on the growing consumer trends in Indonesia. The new leadership team has strong execution capabilities to deliver on the market opportunity. I look forward to working with the other Commissioners and Directors to support the business in achieving its full potential.”
In January this year, Matahari appointed Terry O’ Connor as CEO. Mr. O’Connor was also appointed as Vice President Director at the recent Annual General Meeting of Shareholders (AGMS). Mr. O’Connor was previously Regional CEO of Courts Asia, where he spent 26 years and had undertaken a strategic transformation journey towards solutions selling, omni-channel retailing as well as geographic expansion.
Matahari’s recent AGMS also approved the Directors’ Report on the Company’s business and financial results for the fiscal year 2019. The Directors reported that the Company recorded a total 2019 gross sales of Rp 18.0 trillion (c. US$ 1.2 billion), a slight 0.9% increase over 2018. Net revenue was flat at Rp 10.3 trillion (c. US$ 700 million). Net income was Rp 1.4 trillion (c. US$ 95 million), a 25% increase over 2018 net income after impairment (a decrease of 27% over 2018 net income before impairment).
About Auric Capital
Auric Capital is an investment company with a focus on consumer businesses in Southeast Asia. Auric Capital targets both control and non-control equity stakes and works with management teams to help businesses reach their full potential. Auric Capital’s competitive advantage comes from its active management and operational focus, providing deep sectoral knowledge and strategic insights to support its portfolio companies.