March 8, 2013 / 3:50 AM / 5 years ago

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

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)

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