SINGAPORE/JAKARTA (Reuters) - A unit of private equity firm CVC Capital Partners (CVC.UL) has sold a 12 percent stake in Indonesian retailer PT Matahari Department Store Tbk (JK:LPPF) in two separate transactions, IFR reported on Monday, citing people familiar with the deal.
In one transaction, CVC raised 3.67 trillion rupiah (195 million pounds) by selling 8 percent of Matahari, or 238.6 million shares, at 15,400 rupiah each in a block trade largely to institutional investors, reported IFR, a Thomson Reuters publication. The price represented a 4.9 percent discount to Matahari's closing price of 16,200 rupiah last Friday.
Separately, CVC directly sold an additional 4 percent stake in Matahari to a single investor, said two people familiar with the matter, who declined to be identified as the information was not public.
The latest stake sales cut CVC's holding in Matahari to just around 2 percent. Last year, CVC sold 18 percent of Matahari for a total of 7.2 trillion rupiah in two separate deals. Since this time last month, the company's shares have risen more than 8 percent.
According to analysts at Trimegah Securities, which has a "buy" rating and a 17,900 rupiah target price on the shares, the company offers a good product mix and growth potential outside Indonesia's Java island. The broker forecast a 21 percent compound annual growth rate in earnings per share for Matahari's 2015-2018 fiscal years.
CVC declined to comment while Matahari didn't immediately respond to a request for comment.
Matahari shares fell as much as 4.2 percent to 15,525 rupiah on Monday, underperforming the broader Jakarta stock exchange (JKSE) which declined 1.9 percent.