Asia Color Company Ltd has sold 726.56 million shares or 24.9% stake of PT Matahari Department Store Tbk to PT Multipolar Tbk.
Director Asia Color Company Wai Hoong Fock said that the sale of stake of Matahari Department Store to Multipolar held on March 8, 2013.
"The purpose of the transaction is in the framework of the implementation of the internal reorganization," he said in a disclosure on Wednesday (13/03/2013).
He said that the purchase transaction was conducted at Rp1.216 per share by the number of shares as 726.56 million or equivalent to 24.9% of the total shares issued and it will be paid in full.
Asia Color is an indirect subsidiary of CVC Capital Partners through Meadow Asia Co. Ltd.. Based on the Stock Exchange, shareholding of Asia Color in Matahari reaches 98.15%.
Later widely reported about CVC's plans to dump its stake in old supermarket owner with Matahari brand. At least 15 foreign investors, including Temasek Holdings is rumored to participate in the bidding divestment Matahari.
Divestment of Matahari has the potential to be the largest ever in Indonesia since the rights issue U.S. $ 4.4 billion by PT Bakrie & Brothers Tbk in April 2008.