Indonesia’s Kopi Kenangan has opened its first international store in Malaysia. Meanwhile, listed property developer Agung Podomoro Land has sold a part of its stake in a local mall.
Kopi Kenangan arrives in Malaysia
Indonesian tech-enabled coffee chain and unicorn Kopi Kenangan has officially expanded to Malaysia by opening its first international store in Suria KLCC, a shopping mall in the capital city of Kuala Lumpur. The firm calls its branches outside Indonesia ‘Kenangan Coffee’.
Tech in Asia reported on Wednesday that Kopi Kenangan plans to open four more outlets in the country by end-2022.
The startup has been looking to expand regionally since 2020 but that plan was delayed due to the COVID-19 pandemic. In early September, DealStreetAsia had reported that Kopi Kenangan plans to open 10 new outlets outside of Indonesia by the end of the fourth quarter.
Established in 2017, Kopi Kenangan implements a “grab-and-go” concept on the back of the growing online food delivery sector in Indonesia. The firm entered the triple-comma valuation club last year after it raised $96 million in Series C funding from investors including Tybourne Capital Management, Falcon Edge (now Alpha Wave Global), and B Capital Group.
The company is also backed by Sequoia Capital India, Alpha JWC, and Horizons Ventures.
Kopi Kenangan currently has 850 stores in 64 cities in Indonesia. It also has a bread brand Cerita Roti, fried chicken brand Chigo, and cookies brand Kenangan Manis. Moreover, the company has a family-friendly eatery called Rumah Kenangan and a premium coffee shop called Kenangan Heritage.
APLN sells assets to boost liquidity
Indonesia’s listed property developer Agung Podomoro Land (APLN) has sold 85% of its ownership in Central Park Mall to PT CPM Assets Indonesia, a unit of Hankyu Hanshin Properties Corp., according to a statement.
A separate filing to the Indonesia Stock Exchange revealed that APLN received 4.5 trillion rupiah ($292 million) for the sale of 149 units at Central Park Mall.
APLN will use the proceeds to repay a loan from Guthrie Venture Pte. Ltd, which matures on Nov 22, to invest in PT CPM Assets Indonesia, and to strengthen its liquidity.
APLN has subscribed to a 28.58% stake in PT CPM Assets Indonesia with some of the proceeds. The latter was recently acquired by Hankyu Hanshin Properties Corp. through its subsidiary, CPM Assets Japan LLC.
“The CP Mall divestment will strengthen the company’s liquidity so that the execution of our property projects development plans will be more solid. More importantly, the repayment of Guthrie loan can also improve cost efficiency and better profitability of the company in the future,” Bacelius Ruru, APLN president director, said in the statement.