GIC selling US$95m stake in Indonesian property firm: IFR

[SINGAPORE] Singapore sovereign wealth fund GIC is selling as much as US$95 million worth of shares in Indonesian property firm Pakuwon Jati, IFR reported on Monday, citing a term sheet.

A spokeswoman for GIC confirmed the stake sale, adding the block sale is part of its "regular rebalancing activities for its overall portfolio."

GIC is estimated to have assets worth over US$300 billion.

GIC is selling 2.36 billion shares in Pakuwon Jati for a maximum of 1.2 trillion rupiah (US$95.3 million), IFR said, citing a term sheet.

The sheet calls it a "cleanup trade", which means GIC is selling its entire stake in the company.

The property company's shares are being sold in a price range of between 478 and 494 rupiah, which represent a discount of between 5 and 8.1 per cent to the stock's last traded price of 520 rupiah, IFR, a Thomson Reuters publication, reported.

UBS is the sole bookrunner for the deal, the sheet said.

REUTERS