OUE, Auric to take 40% stake of Indonesia's Matahari retailer

The two firms have formed a joint venture that has offered to buy at $0.14 (IDR1,530) per offer share.

The OUE Retail Holdings Pte. Ltd. has entered in a joint venture with Auric Bespoke I Ptr. Ltd. (ABIPL) to acquire 40% in the capital of PT Matahari Department Store Tbk.

The joint venture established the Auric Digital Retail Pte. Ltd (ADRPL), of which 60% of the issued share capital is held by ABIPL; whilst the other 40% is held by OUE Retail Holdings.

The ADRPL has announced a voluntary tender offer to buy the 40% share in the capital of Matahari. The consideration for each offer share is $0.14 (IDR1,530).

The acquisition will be funded through a $95m facility agreement granted by CIMB Bank Berhad, Singapore Branch to ADRPL; and a shareholder’s funding agreement between ABIPL, OUE Retail Holdings and ADRPL.

The ABIPL and OUE Retail Holdings have agreed to extend one or more loans of up to $150m to ADRPL.

In connection with the voluntary tender offer, ADRPL also moved to acquire 5.32% of Greater Universal Limited and 4.8% of OUE Investments Pte. Ltd. shares. The total consideration for the acquisition is worth $19.8m (IDR213.92b) and $17.92m (IDR192.74b), respectively.

If you've been wondering whether SBR could work for your company — yes, probably.

A lot of the companies we partner with started as readers. They'd been following our coverage for a while, saw their own customers and competitors in it, and eventually asked the obvious question: could we do something with you? The answer is usually yes. The shape of it depends on what you're trying to do.

The options are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. Some partners use one channel; most use a mix. We figure out the right combination by starting with your brief, not with our rate card.

So if the question has been on your mind, here's the easy way to ask it.

We'll tell you honestly whether we can help, and how. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia