26/02/2016

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GIC commits to invest S$520m in Indonesian retailer

The investment reflects its confidence in Indonesia’s long-term growth potential, said GIC on Wednesday (Feb 24).

SINGAPORE: GIC has entered into a partnership with PT Trans Retail, the main retail arm of Indonesian conglomerate CT Corp.

Under the partnership, Singapore’s sovereign wealth fund has committed to invest an aggregate of IDR 5.2 trillion (S$520 million) in Trans Retail, which operates hypermarkets, supermarkets, and cash and carry stores under the Carrefour and TRANSmart brands in Indonesia.

In a statement on Wednesday (Feb 24), GIC said the investment reflects its confidence in Indonesia’s long-term growth potential.

Mr Amit Kunal, Head, Direct Investments Group, South East Asia, GIC said: “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.”

GIC manages Singapore’s foreign reserves and invests in a wide range of asset classes, including real estate, private equity, equities and fixed income.

Picture Source: File photo of a GIC sign on a building facade in Singapore. (AFP/Roslan Rahmann)
Source copied from: http://www.channelnewsasia.com/news/singapore/gic-commits-to-invest-s/2544154.html

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