Matahari One Step Closer to Selling Department Stores
March 22, 2010
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The Capital Market and Financial Institutions Supervisory Agency on Monday approved a plan by retailer PT Matahari Putra Prima, a unit of Lippo group, to seek shareholder approval to sell its 90.76 percent stake in PT Matahari Department Store for Rp 7.2 trillion ($790 million) to private equity firm CVC Capital Partners.
Fuad Rahmany, chairman of the agency, also known as Bapepam-LK, said Matahari Putra had now provided enough information to its minority shareholders and could hold a meeting to seek approval for the deal. Earlier this month, Bapepam-LK ruled that Matahari Putra could not hold a meeting because the company’s minority shareholders did not understand the implications of the deal.
JG
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