Ecommerce firm Blibli to acquire Ranch Market operator in Indonesia

Indonesian ecommerce platform Blibli will acquire PT Supra Boga Lestari, a publicly listed company that operates supermarket brands in Indonesia such as Ranch Market, The Gourmet, and Farmers Market.

Ranch Market supermarket in Indonesia / Photo credit: Ranch Market Indonesia

Blibli, which is backed by Indonesian conglomerate Djarum Group, will buy more than 797.8 million shares of Supra Boga Lestari, equal to 51% of the retailer’s capital. The ecommerce firm has purchased the shares from seven of Supra Boga Lestari’s previous stakeholders: PT Wijaya Sumber Sejahtera, PT Prima Rasa Inti, PT Gunaprima Karyaperkasa, PT Ekaputri Mandiri, David Kusumodjojo, Suharno Kusumodjojo, and Harman Siswanto.

The value of the deal is undisclosed, but Supra Boga Lestari’s share price closed at 2,200 rupiah (US$0.15) apiece on Wednesday’s trading session. Based on this price, 51% of the company’s shares will be worth over 1.7 trillion rupiah (around US$123 million).

Kusumo Martanto, CEO of Blibli, said in a statement that the acquisition was made to strengthen the company’s ecosystem and accelerate business expansion.

Last month, Martanto declared that Blibli had achieved unicorn status. A report also mentioned that the ecommerce company had picked advisors for a potential initial public offering in Jakarta slated for as early as next year.

Currency converted from Indonesian rupiah to US dollar: US$1 = 14,232 rupiah