CVC exits Matahari with $227m block

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...