British private equity giant CVC Capital Partners has offloaded a 12 per cent stake in Indonesian retailer PT Matahari Department Store in two separate deals, it emerged yesterday.
In the first deal, the London-headquartered CVC Capital Partners raised 3.67 trillion Indonesian rupiah (£195m) – known as IDR – through the sale of eight per cent of Matahari, or 238.6m shares at IDR15,400 each, in a block trade mostly to institutional investors.
In the second, CVC Capital Partners offloaded a further four per cent stake in the company to a single investor, who remains unidentified.
The transaction cuts CVC Capital Partners’ stake in the company to approximately two per cent.
Founded in 1982, Matahari is a retail business that sells a wide array of consumer goods. According to analysts at Trimegah Securities, which has a “buy” rating on the company, Matahari offers a good product mix and growth potential outside of Indonesia’s Java Island.
CVC Capital Partners declined to comment on the sale.