Shares of Indonesian retailer and IT firm PT Multipolar and supermarket operator PT Matahari Putra Prima jumped as much as 18 percent each on Tuesday, continuing their rallies into a second day following an acquisition deal.
Singapore’s state investor Temasek Holdings will indirectly buy a 26.1 percent stake in Indonesia’s second biggest hypermarket-chain operator worth $300 million via its controlling shareholder Multipolar, as it aims to tap growing consumer demand in Indonesia
The deal, if concluded, will make Temasek one of the major shareholders in Matahari, beating international retailers such as Wal-Mart Stores Inc that have been trying to buy into the company over the last few years.
Since October, private equity firm CVC Partners has hired CIMB, Morgan Stanley and UBS to sell a stake worth as much as $3.5 billion in Indonesian group PT Matahari Department Store, attracting Japan’s Aeon Co Ltd and a unit of Thailand’s Central Group.
Multipolar, Matahari Putra Prima and Matahari Department Store are controlled by Indonesian conglomerate Lippo Group.
Multipolar’s shares were up 13.64 percent at 500 rupiah while Matahari Putra’s shares rose 15.96 percent at 1,770 rupiah. The broader Jakarta Composite index was down 0.11 percent.