JAKARTA - PT Ace Hardaware Indonesia Tbk (ACES) has rebranded itself to PT Aspirasi Hidup Indonesia Tbk following the Extraordinary General Meeting of Shareholders on June 7, 2024.

Two months after the official rebrand, its market capitalisation has decreased IDR 1.97 trillion to IDR 12.34 trillion from the initial IDR 14.32 trillion.

In said meeting (7/6), 79.35% of the present shareholders, or 11.47 billion shares, agreed upon the rename of PT Ace Hardware Indonesia Tbk to PT Aspirasi Hidup Indonesia Tbk.

With this approval, PT Kawan Lama is no longer the owner of Ace Hardware brand license, which was obtained from Ace Hardware Corporation in 1995.

This rebranding is accompanied with changes in ACES’s identity and logo to Ahi, at least until December 31, 2024. As of now, this company operates 233 outlets in 61 cities in 27 provinces, with total area of 538,000 m2. The number of stores will grow as targeted, with 10-15 new outlets per year.

In the Financial Report of H1 2024, total assets of ACES clocked up to IDR 8.15 trillion, up 5.12% from IDR 7.75 trillion in December 2024, and total equity increased 39.27% to IDR 2.18 trillion from IDR 1.56 trillion seen in December 2024.

Its sales also grew 13.95% year-on-year (yoy) to IDR 4.05 trillion in H1 2024 from IDR 3.56 trillion in H1 2023, driving its net profit up 20.94% yoy to IDR 365.76 billion from IDR 302.42 billion.

After two months rebranding to Ahi, ACES saw decline in stock performance compared to pre-EGMS. Yesterday (19/8), ACES was closed at IDR 720, down 13.77% from the closing price on June 7 of IDR 835 per share. ACES’s price yesterday matched its closing price on August 18, 2023, of IDR 710. (LK/ZH)