Lippo sells first Matahari block since re-IPO

Chinese-Indonesian conglomerate raised $125m from secondary selldown of shares in Matahari Department Store, potentially creating an overhang for the remainder of its shares.

Indonesian conglomerate Lippo Group offloaded a small slice of its stake in Matahari Department Store through a Rp1.64 billion $125 million accelerated bookbuild late on Monday, marking its first selldown since the retailer floated the bulk of its shares three years ago.

The Chinese-Indonesian conglomerate offered a total of 87.5 million Matahari shares - equivalent to 3% of the mall operator’s outstanding share capital at an indicative price range of Rp18,735 to Rp19,305 per share, or a discount of 2% to 4.9% to Matahari’s Monday close.

Lippo Group sold the shares through its investment holding company Multipolar, which owns the majority of the group’s retail and information...

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