Jakarta. Global Digital Niaga, the cigarette conglomerate Djarum Group’s company behind e-commerce Blibli.com, has become the new majority owner of Jakarta-listed retailer Supra Boga Lestari after acquiring 51 percent of shares in the company, the company said in a statement on Thursday.

The company did not disclose the value of the transaction. However, Supra Boga's share climbed 9.6 percent on Thursday's first trading session at Indonesia Stock Exchange. At that price, the acquisition would cost Rp 1.92 trillion ($135 million). 

Supra Boga operates upscale groceries retailers Ranch Market, Farmers Market, Gourmet by Ranch Market, and Day2Day by Farmers Market.

"The purpose of the takeover is for business development and the expansion of the company's ecosystem as one of the leading e-commerce companies in Indonesia," wrote Blibli.com’s management in an official statement on Thursday. 

Blibli acquired Supra Boga's shares from company shareholders, namely Wijaya Sumber Sejahtera, Prima Rasa Inti, Gunaprima Karyaperkasa, Ekaputri Mandiri, and individual shareholders including Kusumodjojo, Suhamo Kusumodjojo, and Harman Siswanto.

The share purchase binding agreement between Blibli and the share’s sellers took place on Wednesday, and the company and shareholders were now in direct negotiation for closing the deal. 

They target to complete the deal in 40 days from the signing of the agreement or within a timeframe that’s been mutually agreed by the parties. Until this date, Blibli does not own the shares that Supra Boga has issued. 

"Once the acquisition has been completed, Blibli will carry out a tender offer for the remaining shares in [Supra Boga], which will be carried out following [OJK regulation]," Blibli.com said in the statement. 

According to a 2018 OJK Regulation about Public Company Acquisition, a new controlling shareholder — which takes over more than 50 percent of a company share —  must offer to buy the remaining shares from the other shareholders after they complete the acquisition. 

Earlier, Bloomberg reported Blibli would conduct an initial public offering at the local bourse early next year. The company is expected to work with Credit Suisse Group AG and Morgan Stanley to explore the possibility of an IPO, according to the report. 

Blibli is the first product of Global Digital Niaga, a subsidiary of Djarum focusing on products in the digital sphere. Blibli works with tech service providers, logistics partners, banking and trading partners to create a back-end system that can meet the needs of Blibli users. GDP Venture, the venture capital arm of the Djarum Group, also backed the e-commerce company. 

This e-commerce company was founded in 2011 with a technology and business ecosystem that includes B2C, B2B, B2B2C, and B2G services. As an online platform, Blibli.com offers a variety of products supported by over 100,000 business partners. To date, Blibli operates 20 warehouses and 32 hubs located in major cities in Indonesia.