Mitra Adiperkasa (MAPI) to bring back Ace Hardware to Indonesia next month, while Nasdaq-listed Lion Group Holding has agreed to invest up to $12 million in Indonesian digital financial infrastructure startup PT Nusantara Bumi Sangkara.
MAPI to relaunch Ace Hardware in Indonesia in July
PT Mitra Adiperkasa Tbk (MAPI) will reintroduce the Ace Hardware brand in Indonesia next month, marking the retailer’s return to the market after its previous local licensing arrangement ended last year.
The company plans to open its first 5-7 Ace Hardware outlets in Greater Jakarta between late July and early August, adopting a measured rollout as it enters the home improvement segment, executives said during the company’s public expose, as reported on local media.
Vice president director and CEO VP Sharma said Ace Hardware’s US parent approached MAP after the brand’s long-standing partnership with Kawan Lama Group came to an end.
“The opportunity came directly from the principal. We first discussed the situation with Kawan Lama Group, which confirmed its decision to discontinue the brand. After conducting our own feasibility study, we concluded this was an attractive opportunity for MAP,” Sharma said.
Rather than pursuing an aggressive nationwide expansion from the outset, Sharma said the company will initially focus on testing the business model and profitability before accelerating store openings.
Lion Group to invest in Nusantara Bumi Sangkara
Lion Group Holding, a Singapore-based financial services company that has been pivoting into digital assets and blockchain infrastructure, has agreed to invest up to $12 million in Indonesian digital financial infrastructure startup PT Nusantara Bumi Sangkara through a stock-based transaction, giving the company an indirect economic interest in the business.
The transaction will be carried out through an Investment Participation and Economic Interest Arrangement Agreement with Meili Capital Management, according to its announcement.
Instead of investing cash, Nasdaq-listed Lion Group will issue ordinary shares represented by American Depositary Shares (ADSs), or other equity-linked securities, in exchange for an indirect 10% economic interest in PT Nusantara Bumi Sangkara through Meili or its designated investment vehicle.
The investment remains subject to customary closing conditions, including the execution of definitive agreements, regulatory approvals and compliance with Nasdaq and US Securities and Exchange Commission requirements.
