PT Multipolar Tbk, Indonesian investment holding
company, jumped as much as 9 percent on Friday, following a
stake sale in its retail division PT Matahari Department Store
CVC Capital Partners and Multipolar raised about
$1.3 billion by selling shares of Matahari Department Store,
sources said on Friday, capitalising on investor demand for
Indonesian consumer stocks to profit from one of their key
investments in Southeast Asia.
Trading of Matahari shares in Jakarta stock exchange was
halted on Friday on the company's request, to help stabilise
share price in the aftermath of the stake sale, Indonesia stock
exchange said in a statement.
Multipolar, controlled by Indonesian conglomerate Lippo
Group and Singapore's state investor Temasek Holdings,
owns 8 percent of Matahari's total shares.
Multipolar shares were up 2.99 percent at 690 rupiah and
were the most traded by volume. The broader Jakarta Composite
Index was down 1.03 percent.
1445 (0745 GMT)