CVC exits Matahari with $227m block

Shareholders including two controlled by CVC Capital Partners sold shares in Indonesia’s largest shopping mall operator on the back of strong operational figures.

CVC Capital Partners and another shareholder of Indonesia's Matahari Department Store capitalised on the stock’s strong market performance by raising Rp3 trillion $227 million through an accelerated bookbuild.

A trio of shareholders including Asia Color, Meadow Asia, and Conrex offered a total of 125.2 million shares in Matahari -- 4.3% of the retail chain's outstanding share capital -- at an indicative price range of Rp17,000 to Rp17,800 each, or a discount of 5.3% to 9.6% to its closing price. 

Private equity firm CVC is the majority owner of Asia Color and Meadow Asia.

Sole bookrunner Credit Suisse timed the sale well...

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