PT Sumber Alfaria Trijaya Tbk (AMRT) as the owner of the Alfamart outlet is ready to release all of its share ownership in PT Sumber Wahana Sejahtera (SWS) to PT Galaxy Mitra Global.

Sumber Alfaria Trijaya Director Tomin Widian said the company had signed an indicative term sheet with Galaxy Mitra Global to sell its shares in Alfatrex on March 25. Based on the term sheet, Galaxy Mitra will take over SWS and become the new controller of SWS.

"The company will no longer be the controller of the SWS. The execution of the transaction depends on fulfilling the prerequisite conditions as specified in the term sheet, "he said, Monday (29/3).

Tomin has yet to specify the 99.96% Alfatrex stake's divestment value and the transaction settlement target. Until September 2020, Alfatrex recorded to have total assets, before the elimination, of Rp21.87 billion.

Management assesses that the transfer of shares will not impact the company's operational, legal, financial condition, and business continuity.

For information, Alfatrex's establishment was motivated by an increase in users and players of e-commerce globally, including Indonesia. This new form of e-commerce business is felt directly by all industry players and retailers who want to develop their business.

The new retail form is considered to bring new opportunities and challenges for courier service companies and goods delivery. Meanwhile, Alfamart faces debt maturing bonds worth Rp1.01 trillion on April 12, 2021.

Management has stated that it is ready to pay off these obligations with its internal cash funding sources. Payment of bonds and interest will be paid by the company to PT Kustodian Sentral Efek Indonesia (KSEI) no later than April 9, 2021.

This year, Alfamart is estimated to spend a capital expenditure or capital expenditure (capex) around Rp. 2.8 to Rp. 3.8 trillion over the next three years. The company is noted to have been quite aggressive in adding stores throughout 2020 despite the Covid-19 pandemic.