CVC Capital Partners

International investors are keen to get a piece of Indonesia’s leading department store operator, allowing the price to be fixed above the mid-point.

The deal is supported by 15 cornerstone investors, who will buy up to 36% of the base offering, and was fully covered on the first day, sources say.

The secondary share sale, which will essentially be a re-IPO of the Indonesian company, is expected to raise at least $1 billion.

The club-type deal was prompted by reverse inquiries and is the third sell-down by the two pre-IPO shareholders since Samsonite’s listing in 2011.

The reverse-inquiry club deal cuts their combined stake in the luggage specialist to about 20%, while a block trade in Indonesia’s Harum Energy is pulled due to lack of demand.

CVC Capital Partners reduces its stake in the company behind the Formula One race series through another negotiated placement and cancels plans for a Singapore IPO at this time.

The sale, which accounts for less than 20% of their combined stake, comes about four months after a lock-up expiry and as the Samsonite stock breaks above the IPO price.

Management consultancy PMC Treasury’s opening in Hong Kong signals that the business of treasury is maturing in Asia.