- Business
- PT Rimo International Lestari Tbk (RIMO.JK) is an Indonesia-based investment holding company primarily engaged in property development and retail operations through its subsidiaries. The company operates department stores under the Rimo brand, offering adult apparel, children's clothing, accessories, bags, shoes, and cosmetics; develops real estate projects including South Hills Apartment in Kuningan Jakarta, Gangnam Townhouse in Gandaria, Samota Business District and Villa Resort in Sumbawa, and Mal Matahari Pontianak; and provides rental and hospitality services alongside general trading activities. It conducts business in the properties and real estate sector as well as the retail industry, targeting consumers and property buyers primarily in Java and Kalimantan regions of Indonesia. Founded on March 25, 1987, as PT Rimo Catur Lestari Tbk and headquartered at Ambassade Residence, Jl. Denpasar Raya Kav. 5-7, South Jakarta, the company maintains direct subsidiaries such as PT Hokindo Properti Investama, PT Rimo Nusantara Mandiri, PT Rimo Graha Nusantara, and PT Rimonet Inti Cemerlang. In March 2017, it completed a reverse merger transaction by acquiring a 99.99% stake in PT Hokindo Properti Investama through a share swap valued at approximately IDR 4.1 trillion, shifting strategic focus toward integrated property landbanking and development while addressing prior retail losses from competition. Trading of its shares on the Indonesia Stock Exchange has been suspended, with reported asset confiscations reaching IDR 5.69 trillion as of 2021 linked to legal proceedings.