CVC to cash in on Indonesia investment

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UK-based investment firm CVC Capital Partners intends to sell a 40 per cent stake in Indonesia’s largest department store operator Matahari, according to a sales document submitted to the Indonesia Stock Exchange.

CVC, which is offering the shares publicly in a deal that could become the largest equity offering in Indonesia in almost five years, will likely raise up to $1.4 billion from BlackRock Asset Management, Fidelity Investments, Morgan Stanley and Goldman Sachs Investment Partners and more than a dozen other investors, including  Malaysia’s Employees Provident Fund, Temasek, Government of Singapore Investment Corp and George Soros’s investment company Quantum Partners, who have agreed to buy shares.

CVC has entered the investment in April 2010 and now owns around 80 per cent of Matahari, while Indonesia’s Riady family, the owners of Lippo Group, a conglomerate whose interests include property, retailing, media, health care and hospitality, owns most of the rest of the department store chain’s shares, while a mere 2 per cent are free-float.

Matahari is Indonesia’s largest department store chain by value of sales, with 32 per cent market share. The chain, which sells affordable fashion and cosmetics, has 116 stores in 50 cities across Indonesia.

 

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Reading Time: 1 minute

UK-based investment firm CVC Capital Partners intends to sell a 40 per cent stake in Indonesia’s largest department store operator Matahari, according to a sales document submitted to the Indonesia Stock Exchange.

Reading Time: 1 minute

UK-based investment firm CVC Capital Partners intends to sell a 40 per cent stake in Indonesia’s largest department store operator Matahari, according to a sales document submitted to the Indonesia Stock Exchange.

CVC, which is offering the shares publicly in a deal that could become the largest equity offering in Indonesia in almost five years, will likely raise up to $1.4 billion from BlackRock Asset Management, Fidelity Investments, Morgan Stanley and Goldman Sachs Investment Partners and more than a dozen other investors, including  Malaysia’s Employees Provident Fund, Temasek, Government of Singapore Investment Corp and George Soros’s investment company Quantum Partners, who have agreed to buy shares.

CVC has entered the investment in April 2010 and now owns around 80 per cent of Matahari, while Indonesia’s Riady family, the owners of Lippo Group, a conglomerate whose interests include property, retailing, media, health care and hospitality, owns most of the rest of the department store chain’s shares, while a mere 2 per cent are free-float.

Matahari is Indonesia’s largest department store chain by value of sales, with 32 per cent market share. The chain, which sells affordable fashion and cosmetics, has 116 stores in 50 cities across Indonesia.

 

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