Temasek to buy a stake in Indonesia's Lippo group retalier unit
PHOTO: Temasek to buy a stake in Indonesia's Lippo group retalier unit
PUBLISHED ONFebruary 03, 2013 4:00 PM
JAKARTA - Singapore's state investor Temasek Holdings will buy a 26.1 per cent stake in PT Matahari Putra Prima, Indonesia's second biggest hypermarket-chain operator, worth $300 million via PT Multipolar , a Multipolar executive said on Monday.
Temasek, via its unit Anderson Investments, will buy the $300 million equity-link instrument issued by a unit of Multipolar and then it will use the fund to buy a 26.1 per cent stake of Matahari from the market, said Multipolar's corporate secretary Chrysologus Sinulingga.
Multipolar, which is controlled by Indonesian conglomerate Lippo Group, is the controlling shareholder of Matahari with 50.2 per cent stake.