Hard on the heels of a loss of US$86.8 million, Matahari Putra Prima (MPPA) has appointed a new CEO and president, and announced plans to raise IDR800 billion (US$58 million) in fresh capital.

With Elliot Dickson aboard as CEO at the end of this month along with Djamel Derguini as president, the hypermarket group says it is embarking on a bold transformation and new growth strategy. The group presently has more than 259 multi-format stores throughout Indonesia.

Consumer services and lifestyle group The Lippo Group, which is MPPA’s largest shareholder, will serve as a standby buyer and underwriter for the entire rights issue.

MPPA says it plans to transform its business on the principles of price leadership, omni-channel retailing, efficiency, and an ultimate focus on serving the evolving lifestyle and aspirations of its customers.

MPPA chairman John Bellis says Dickson brings strong vision and leadership to the company. An American citizen with more than 35 years of retailing and leadership

Experience, he was most recently COO of Walmart in China, responsible for 412 hypermarkets and $8 billion in revenues.

“The retail opportunity in Indonesia is remarkable,” says Bellis. “I look forward to working with the team to making MPPA the strongest retailer in Indonesia.”

Derguini, a French citizen who has been with the company since 2014, was previously COO.

MPPA has 3168 suppliers and more than 10,000 employees and associates. It serves more than 15 million Indonesian customers.