The firm sold a 6.5 per cent stake as part of a share sale, raising approximately $215m. Last year’s stake sale was said to yield a return of up to eight times for the London-headquartered investor.
CVC’s original $774m purchase of the company alongside Matahari Putra Prima was the largest-ever foreign private equity-led investment in the country at the time. The company is Indonesia’s largest department store with over 25 per cent market share nationwide. It sells clothing and footwear through its 88 stores in 45 cities throughout the country.
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