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GIC invests in Indonesian retailer, PT Trans Retail
SINGAPORE's GIC will invest 5.2 trillion Indonesian rupiah (IDR) in PT Trans Retail, Indonesia's retailer operating hypermarkets, supermarkets as well as cash and carry stores under the Carrefour and TRANSmart brands.
The investment will allow Trans Retail, the main retail arm of Indonesian conglomerate CT Corp, to capture the full potential of Indonesia's modern retail market, the two parties said in a joint release on Wednesday.
Amit Kunal, Head, Direct Investments Group, South East Asia, GIC, said the investment by GIC reflects its confidence in Indonesia's long-term growth potential.
"We are keen to build lasting partnerships with reputable local partners and look forward to a deep relationship with CT Corp, which also has a strong track record for making good investments and share our investment values."
CT Corp Chairman Chairul Tanjung said the partnership with GIC is "a significant step forward in enabling Trans Retail to expand its store footprint and realize its vision of becoming a leading multi-format retailer and transforming the Indonesian consumer's shopping experience".
Trans Retail was previously known as Carrefour Indonesia. It was established in 1998. As of December 2015, the company operates 86 hypermarkets and supermarkets as well as 2 cash and carry stores located in 35 cities throughout the country.