Temasek Holdings has revealed plans to acquire a stake in Matahari, operator of Hypermart. Temasek will indirectly buy a 26.1% stake worth $300m (£191.4m) via controlling shareholder Multipolar.

The deal, if concluded, would make Temasek one of the major shareholders in Matahari. Private equity firm CVC Partners has hired CIMB, Morgan Stanley and UBS to sell a stake worth as much as $3.5bn (£2.23bn) in Matahari, attracting the interest of Japan’s Aeon and a unit of Thailand’s Central Group.