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