General Atlantic Mulling Options for Indonesia Retail Stake

General Atlantic is weighing options for its nearly 20% stake in Indonesia’s PT MAP Boga Adiperkasa, one of the largest operators of Starbucks Corp. franchises in the country, people with knowledge of the matter said.

The New York-based firm is in preliminary discussions with investment banks on alternatives including a private sale or a public offering for its MAP Boga shares, the people said. General Atlantic’s stake could be worth about $300 million in a disposal, said the people, who asked not to be identified as the information is private.

The food and beverage subsidiary of lifestyle retailer PT Mitra Adiperkasa Tbk is thinly traded in Jakarta, as its shares available for trading represent only about 1.3% of the outstanding stock, according to data compiled by Bloomberg. General Atlantic’s 19.4% ownership has a market value of about $41 million as of Monday’s closing price.

Deliberations are at an early stage and General Atlantic may decide to keep its stake, said the people. A representative for General Atlantic declined to comment. A representative for Mitra Adiperkasa said the company has a plan for a placement of MAP Boga shares but the timing of any deal is yet to be determined.

MAP Boga runs more than 370 stores across 30 cities in the country, according to its website. The company operates outlets under brands including Pizza Express, Krispy Kreme, Cold Stone Creamery and Godiva in the world’s fourth most populous nation.

General Atlantic in 2016 bought 1.08 trillion rupiah ($76 million) in zero-coupon bonds issued by Mitra Adiperkasa, which were convertible into shares in MAP Boga, according to a press release.

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