, Singapore
19 views

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.
 

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Get Singapore Business Review in your inbox
Chua spent 18 years with UBS Wealth Management prior to his new role.
Private-sector economists polled by the Monetary Authority of Singapore expect higher growth, faster inflation in 2021. Economists and analysts from the private sector expect the Singapore economy to grow by 6.8% for the full year of 2021, according to the latest Monetary Authority of Singapore (MAS) survey of professional forecasters. The forecast for the June survey is higher than the 5.8% forecast from the March survey. The twenty-seven respondents expect manufacturing to grow by 8.3%, finance & insurance by 6.0%, construction by 19.3%, wholesale & retail trade by 4.4% and accommodation & food services by 6.5%. Private consumption is expected to grow by 5.2%, lower than the 7.9% forecast from the past survey. Non-oil domestic exports is expected to grow by 7.5% for the full year of 2021. CPI-all items inflation and MAS Core inflation are expected to come in at 1.4% and 0.8% respectively for the full year of 2021. For the second quarter, the economists expect CPI inflation to come in at 1.9% and core inflation to come in at 0.7%.  
The leading F&B establishment operator expands its retail line of condiments and flavourings.
This deepens SGX’s partnership with Nikkei Inc.
These three stocks saw significant growth in trading turnover year-to-date.
The project with a 280-bed capacity is expected to operate by 2022.
Singapore Airport Terminal Services saw the sharpest decline during Monday's trading, with a 1.21% drop.
And the G-7 states demand a probe on the origins of the COVID-19 pandemic.
Approximately 35% of MSEs in the F&B and retail sectors saw their earnings drop by more than half during the Phase 2 Heightened Alert period, according to a DBS survey.
Enterprise Singapore extends the programme that supports food and beverage businesses in providing food delivery services.
The Baht 40b debentures were 1.52 times oversubscribed.
The fund was announced at the inaugural CapitaLand Sustainability X Challenge.
Mapletree Logistics Trust saw the sharpest decline during Friday's trading, with a 0.99% drop.
This may be one of the last times the troubled water treatment firm could meet with securities holders before shutting down.
The company has been listed in the Catalist board of SGX since 2017.