Japan’s retail group Aeon and Thailand’s Central Group are considering bids for a stake in Indonesian department store chain Matahari.

The reports came up after private equity company CVC, which owns around 80 per cent of Matahari, announced its plan to sell out. CVC is looking at a valuation worth US$3.5 billion.

CVC, which acquired Matahari in 2010 for US$790 million, will pursue sale of its shares in the open market in March.

Aeon and Central Group declined to comment on the reports.

Matahari currently operates 112 department stores in Indonesia.

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