Metro Has Majority in $350 Million Indonesia Venture, Dow Says
Metro AG (MEO) will hold a 60 percent majority in a joint venture with Indonesian investment firm Sintesa, Dow Jones reported today, citing an unidentified Sintesa executive. The joint venture, which aims to open six wholesale stores in the next three years in Indonesia, will have a value of $350 million, the news agency said.
The German retailer said June 10 on its website that it formed the venture with Sintesa, without specifying the ownership breakdown. It said the venture plans more than 20 wholesale stores in Indonesia "in the medium term," with an investment of 10 million euros ($14 million) to 15 million euros in each for land and building.
To contact the reporter on this story: Holger Elfes in Dusseldorf at helfes@bloomberg.net.
To contact the editor responsible for this story: Celeste Perri at cperri@bloomberg.net.
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