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 Tbk.
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.