Temasek Inks Deal to Invest in Indonesian Retail Giant
Singapore’s Temasek Holdings is keen on following their four investment themes. Indonesia with its economic growth is growing an affluent middle class.
Anderson Investments Pte Ltd., a sovereign wealth enterprise of Temasek Holdings, signed an exchangeable rights subscription agreement with PT Multipolar. PT Multipolar is an Indonesian investment company and the majority shareholder in PT Matahari Putra Prima. The Lippo Group, owned by the Riady family, owns PT Multipolar.
Anderson Investments paid 2.9 trillion rupiah (US$300 million) for the rights which can be converted into a 26.1% stake in listed company PT Matahari Putra Prima which operates retail hypermarkets in 52 Indonesian cities. PT Multipolar will maintain its 50.2% stake in the retailer.