Business

Dairy Farm unit to sell US$152m stake in Indonesia retailer

HONG KONG, Nov 12 – A unit of Dairy Farm International Holdings Ltd is offering up to US$152 million (RM465.72 million) worth of shares in Indonesian retailer PT Hero Supermarket, according to a term sheet of the transaction seen today.

Dairy Farm is offering 444.1 million shares of Hero Supermarket through its Mulgrave Corporation BV unit at an indicative range of 2,950-3,300 rupiah each, the term sheet said.

The price is equivalent to a discount of as much as 15.1 per cent to today’s closing price of 3,475 rupiah.

Bahana Securities and CLSA were hired as joint global coordinators on the deal, with UBS also acting as joint bookrunner. – Reuters

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