JAKARTA (REUTERS) — A unit of CVC Capital Partners Ltd sold an 11.5 percent stake in PT Matahari Department Store Tbk, the second time the private equity firm had sold a sizeable block of shares in the Indonesian retail store operator this year.


Asia Color Company Ltd sold 335 million shares in Matahari through a private placement, Matahari said in a stock exchange filing on Friday, without disclosing the price. After the sale, CVC now holds 14.2 percent in Matahari.

IFR, a Thomson Reuters publication, on Wednesday reported that CVC raised 4.69 trillion rupiah ($398.1 million) from selling the shares at 14,000 rupiah each.

J.P. Morgan was the placement agent for the sale.

CVC sold 87 percent of the shares to investors in Asia and the United States and the remaining to European buyers, Matahari Director Miranti Hadisusilo told Reuters in an email.

"Based on their letter, it stated that it is to enable ACC to realise liquidity from its investment in the company," Hadisusilo said. She declined to disclose the names of the buyers.

In early March, Matahari said CVC had sold 190 million shares, or a 6.5 percent stake, at 13,100 rupiah each.

Matahari shares were up 0.3 percent at 14,950 rupiah on Friday. The stock has jumped more than 30 percent so far this year, outperforming the 18 percent rise in the broader Jakarta index.

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