STOCKS NEWS INDONESIA-Multipolar hits record high on unit stake sale

Thu Mar 7, 2013 10:47pm EST

Shares of Indonesian retailer and IT firm PT Multipolar jumped as much as 8.47 percent to a record high of 640 rupiah per share on Friday, after its retailer unit PT Matahari Department Store stake sale received investors' interest.

Matahari, a CVC Capital Partners-owned Indonesian retailer, secured about $200 million in initial pledges from cornerstone investors, including Och-Ziff Capital Management Group LLC, Goldman Sachs Investment Partners, hedge fund Lone Pine Capital and asset manager Schroders, for its up to $1.5 billion share offer, sources with direct knowledge of the matter said.

The shares are being marketed in a price-to-earnings ratio range of 25 to 29 times.

CVC Partners has hired CIMB, Morgan Stanley and UBS to sell a stake worth as much as $3.5 billion in PT Matahari Department Store, attracting Japan's Aeon Co Ltd and a unit of Thailand's Central Group.

Multipolar, controlled by Indonesian conglomerate Lippo Group, owns 8 percent of Matahari's total shares.

Multipolar's shares were up 5.08 percent at 620 rupiah. The broader Jakarta Composite index was up 0.97 percent.

1020 (0320 GMT)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.