Singapore-based Auric Capital officially hold over five percent of local retailer, PT Matahari Department Store. The buyer is an active investor in the consumer sector. "This is Auric Capital' maiden investment in Indonesia and we are pleased that they have recognized the strength in Matahari' brand, initiatives, and management team," said John Bellis, the president commissioner (independent) at Matahari in an official statement. Auric Capital focuses on affordable investment opportunities in Asia and across the emerging markets.

Before COVID-19 pandemic, Matahari planned to open around six outlets during 2020 in Java island. But due to the current situation, the company postponed the establishment of new outlets and withdrew all 2020 sales targets and profits. As of 2019, Matahari has operated 169 outlets, of which 157 large format outlets and 12 others are mono-brand stores.

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full article: Singapore's Auric Capital Emerges as Major Shareholder of Matahari