Private equity firms CVC and Argyle Street Management have offloaded shares worth Rp3.02 trillion ($223 million) in Indonesia’s retailer Matahari Department Store. The shares were sold at Rp17,250 each – representing 8.3 per cent discount to the stock’s Wednesday close of Rp18,800.
CVC’s latest share sale is the company’s fourth sell-down in Matahari since the major offloading through a $1.3 billion initial public offering (IPO) in March 2013. The US-based PE firm bought 90.74 per cent stake in Matahari in April 2010 for $880 million.
