Matahari has won approval from shareholders for plans to divest non-core assets worth IDR3.2tn (£207m) to create a more efficient capital structure.

The retailer will offload non-core assets, such as Timezone, Times Bookstores, its restaurant and property businesses, by selling its wholly owned subsidiaries PT Matahari Pacific and PT Nadya Putra Investama to publicly listed investment company PT Multipolar.