Feb. 4 (Bloomberg) -- Anderson Investments Pte Ltd., a wholly owned unit of Singapore’s Temasek Holdings, signed an exchangeable rights subscription agreement with Indonesian investment company PT Multipolar.
Anderson paid 2.9 trillion rupiah ($300 million) for the rights, which can be converted into a 26.1 percent stake in PT PT Matahari Putra Prima, which operates hypermarkets in Indonesia, Multipolar said in a statement to the Jakarta Stock Exchange today after the market closed.
Multipolar said the investment would support future growth and expansion plans of Matahari.
Indonesian retailers may benefit from strong consumer spending and this year’s increase in minimum wages. Private consumption accounted for 63 percent of Indonesia’s GDP and had risen by 5.7 percent in the third quarter from a year earlier, according to government data.
Investment and domestic consumption will support economic growth this year, forecast to expand 6.6 percent to 6.8 percent, Finance Minister Agus Martowardojo said January 14.
Multipolar shares rose 24 percent today to 440 rupiah, the highest close since August 18, 2005, and Matahari Putra’s stock closed 24 percent higher to 1,530 rupiah, the biggest jump since October 5, 2010. Both stocks outperformed the 0.2 percent rise in the Jakarta Composite index.
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