ACES sets up new retail subsidiary ahead of rebranding campaign

The Indonesian licensee of Ace Hardware has established a new retail subsidiary ahead of its campaign to rebrand once its partnership with the American cooperative lapses. PT Aspirasi Hidup Indonesia Tbk, which trades on the Indonesian bourse under the “ACES” ticker, announced that it established subsidiary PT Krisna Aspirasi Sejahtera (KAS).

The new company, which is domiciled in Jakarta, will be engaged in retail, as well as in transportation and warehousing, and professional, scientific and technical activities. The disclosure did not state whether KAS will be engaged in home improvement, but Thalia Riyadi, senior investor relations officer at ACES, told DIY International that it will not be selling new products. "It (new company) is basically acting [as an] importer company, as under new rules importer and retailer can't be under the same company," she explained.

Earlier, ACES…