Indonesia's CT Corp chairman says Singapore's GIC to get 17.39% of retail arm
[JAKARTA] Singapore sovereign wealth fund GIC will get a 17.39 per cent stake in CT Corp's retail arm under a 5.2 trillion rupiah (S$542 million) deal, the chairman of the Indonesian conglomerate said on Friday.
Trans Retail, which operates stores under the Carrefour and TRANSmart brands, may launch an initial public offering in 2020 when it has 200 stores, Chairul Tanjung told reporters in Jakarta.
The money from GIC will be mainly used for expansion, said Tanjung, who was ranked Indonesia's fifth-richest person last year by Forbes. His group's debt is "very much under control", he added.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Philippines’ Recto sees rate-cut delay risk if peso sinks to 59
Ecuador president declares state of emergency over energy crisis
US Senate has agreement on Fisa reauthorisation, will vote on Friday night, Schumer says
US expects to finalise new Aukus trade exemptions in next 120 days
IMF concerned about debt, fiscal challenges facing low-income countries
Bank of Japan’s Ueda says ‘very likely’ to hike rates if inflation keeps rising