Matahari Strengthens Its Board of Commissioners and Board of Directors .

The Annual General Meeting of Shareholders (“AGMS”) of PT Matahari Department Store Tbk (“Matahari” or the “Company”; stock code: “LPPF”) on 27 August 2021 approved the changes to the Company’s Board of Commissioners and Board of Directors structure. The changes were approved by the shareholders in order to support the Company’s continuing transformation and growth strategy in 2021 and beyond.

Board of Commissioners:
President Commissioner : Monish Mansukhani
Independent Vice President Commissioner : Roy Nicholas Mandey
Commissioner : Andy Adhiwana*
Commissioner : Adrian Suherman
Independent Commissioner : Bianca Cheo Hui Hsin*
Independent Commissioner : David Fernando Audy*
Board of Directors:
President Director : Bunjamin J. Mailool
Independent Vice President Director : Terry O’Connor
Independent Director : Niraj Jain
Independent Director : Irwin Abuthan
Independent Director : Miranti Hadisusilo*
Independent Director : Herni Dian Anggreani*

The AGMS also concurred and approved the Directors’ Report on the Company’s business and financial results for the fiscal year 2020. The Company recorded a total 2020 gross sales of Rp8.6 trillion, 52.3% below 2019, whilst net revenue was down 52.9% to Rp4.8 Trillion. The Company incurred a net loss of Rp0.9 Trillion compared to a net profit of Rp1.4 Trillion in 2019. During 2020, the Company operated in an environment of considerable uncertainty, with the unprecedented impact of COVID-19. In March last year, Matahari temporarily closed almost all of its stores and then opened them gradually starting May. In mid-September, restrictions were enforced again resulting in store closures / restricted trading hours and as well as limiting the number of customers. Matahari ensured thesafety of its customers and its employees and strictly followed various safety protocols.

"We have made various efforts to continue to improve performance in the midst of the Covid-19 pandemic, including launching the new website, Android App and IOS app. And introduced new sales channels: Social Commerce Shop and Talk (WhatsApp), and via market places," said Terry O'Connor, Vice President Director & CEO of the Company.

He added that Management carried out various initiatives for operational efficiencies and continued to pursue growth by opening three new stores in 2020, ending the year with a total of 147 stores.

Monish Mansukhani, the new President Commissioner of Matahari also said, “I look forward to working with our seasoned management team on the business transformation, including strategic initiatives such as an enhanced omni-channel strategy and refreshed store and merchandise offering for our customers. Management commendably stabilized the business amidst the Covid pandemic, rebasing the cost structure and operations to position the business well for the recovery.”

Monish added, “We are delighted to have Andy Adhiwana, Bianca Cheo Hui Hsin, and David Fernando Audy as the new commissioners of the Company. We also would like to welcome Herni Dian Anggraeni and Miranti Hadisusilo to the Board of Directors. Our new appointees bring with them a wealth of experience and talent that will enhance Matahari’s performance.”

The AGMS was attended electronically by shareholders through the e-GMS facility which provided by PT Kustodian Sentral Efek Indonesia (“KSEI”) with a Live Attendance menu, question and answer opportunities, and vote electronically. Although the shareholders were attended electronically, this e-GMS does not reduce the value of the validity of meeting decisions.