OUE, along with joint venture partner Auric Capital, have completed their acquisition of a controlling stake in Indonesia-listed Matahari Department Store, collectively holding a 32% stake as of July 15. This makes it the single largest shareholder of Matahari.

The companies, via joint venture firm Auric Digital Retail (ADRPL) had launched a voluntary tender offer (VTO) in early May to acquire up to 40% of the total issued and fully paid-up shares of Indonesia-listed Matahari Department Store at an offer price of IDR1,530 (14 cents) per share.
 
ADRPL is 60:40 owned by Auric Capital and OUE.
See also: OUE and Auric Capital to jointly acquire up to 50% stake in Indonesia’s Matahari Department Store

ADRPL had also entered into a sale and purchase agreement with Greater Universal and OUE Investments - subsidiaries of Auric Capital and OUE respectively - to acquire all Matahari shares owned by the two firms, representing 5.32% and 4.8% stakes respectively.

In a filing to SGX on July 15, OUE disclosed that ADRPL received valid acceptances of 21.9% for the VTO. Combined with the purchase of shares from Greater Universal and OUE, ADRPL holds 32% in Matahari.

Shares in OUE closed at $1.30 on July 14.

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Photo: OUE