JAKARTA -- Matahari Department Store, part of the Lippo Group and Indonesia's largest department store chain, will change its name to Matahari and buy back shares as it grapples with the rapid growth of e-commerce.
The company said in a statement released on Wednesday that it will shorten its name to Matahari "to better reflect the company's positioning as a multifaceted retail platform." It also announced a share buyback of up to 1.25 trillion rupiah ($85.1 million) at a maximum price of 13,330 rupiah per share. This could translate into up to 7% of the company's shares. Matahari will hold an extraordinary shareholders meeting in October to gain approval.