Makes & Partners has advised publicly listed Indonesian retailer PT Matahari Putra Prima Tbk (MPPA) on the divesture of non-core assets worth 3.2 trillion rupiah ($336 million).

MPPA has released its non-core assets, such as Timezone, Times Bookstores, restaurant, and property businesses, by selling its wholly-owned subsidiaries PT Matahari Pacific and PT Nadya Putra Investama to publicly listed investment company PT Multipolar, according to a report in the Jakarta Globe.

The report added that the deal is an affiliated transaction, as Multipolar holds a 50.23 percent stake in MPPA. The retailer’s food division consists of hypermarket network Hypermart, supermarket channel Foodmart and the Boston Health & Beauty stores.

Makes has advised both the buyer and the seller. The lead partners on the transaction were Iwan Setiawan and Fransisca.

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