CVC and Multipolar Raise US$1.3 Billion From Matahari Share Sale | INSIDER EXCLUSIVE
(The Insider Stories) — CVC Capital Partners Ltd and PT Multipolar Tbk (MLPL) raised US$1.3 billion from selling stock in Indonesian retailer PT Matahari Department Store (LPPF) according to a source close to the deal. Both sold 1.167 billion shares at 10,850 rupiah each. The shares were initially offered at IDR10,000-11,250.
At the same time, the Indonesia Stock Exchange Friday suspended LPPF transactions in the market starting in the opening session stabilizate prices. Yesterday LPPF’s share closed at IDR4,200. CVC Capital Partners managing director Fock Wai Hong previously said the fund wants to keep control of the retailer after its initial share sale.
“We have [owned] the company for three years already. It’s a good time to monetize our asset but despite all that we want, with our consortium, to still maintain control,” he said.
A CVC-led consortium bought Matahari in 2010 for a reported $790 million, including debt, while the partial exit values the company at $3.4 billion.
