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
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
1040 (0340 GMT)