UPDATE 1-Indonesia’s Tudung to sell 30 pct stake in GarudaFood-sources

* Aims to raise $300 mln, values firm at $1 bln – sources

* Tudung says hired Barclays as advisor for the sale

(Updates with details)

By Janeman Latul

JAKARTA, Dec 3 (BestGrowthStock) – Indonesia’s consumer-focused
Tudung Group plans to raise about $300 million by selling up
to a 30 percent stake in its food firm GarudaFood early next
year, as investors look to snap up Indonesian consumer-related
assets, four sources said on Friday.

The sale is attracting interest from private equity firms
and would follow several consumer-related deals in Indonesia
this year, as domestic demand from a youthful 240 million
population drives growth in Southeast Asia’s biggest economy.

“Tudung is looking to unlock the value of GarudaFood by
working with a strategic partner via a stake sale,” said one
of the sources, adding that buyout funds including Carlyle
Group were among the potential interested bidders.

The sources, with direct knowledge of the deal, declined
to be identified because the sale was not public. A Tudung
Group spokeswoman confirmed a stake sale was being planned and
that it has hired Barclays Capital to run the sale.

Tudung, an investment holding group controlled by the
family of founder Darmo Putro, has business interests in food
and the beverage industry in Indonesia and China.

Its GarudaFood unit, valued at about $1 billion, sells
instant foods, peanuts and other snacks globally.

“Private-equity firms will likely become the potential
buyers as the company plans to increase GarudaFood’s value
before it finally goes public,” said another of the sources.

Another big consumer-related asset sale is ongoing with
Lippo Group’s Matahari selling Hypermart,
Indonesia’s second-biggest hypermarket chain after PT
Carrefour Indonesia, as it looks to raise about $1 billion.

Wal-Mart Stores Inc , the world’s top retailer,
French’s Casino Guichard-Perrachon SA and South
Korea’s Lotte Shopping Co Ltd are among
short-listed parties asked to submit next-round bids next
month, sources told Reuters last month.

Earlier this year Matahari agreed to sell a 90.76 percent
stake in retail unit Matahari Department Store to a joint
venture with private equity group CVC Partners for
$770 million. [ID:nSGE60O0J0]

(Additional reporting by Denny Thomas in HONG KONG; Editing
by Neil Chatterjee)

UPDATE 1-Indonesia’s Tudung to sell 30 pct stake in GarudaFood-sources