GIC to buy 33% stake in Indonesian toll road operator for $288 million
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Under the deal, GIC will subscribe for 2,673 primary shares in Margautama Nusantara.
PHOTO: GIC
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Bengaluru – Hong Kong’s First Pacific said on Monday that Singapore sovereign wealth fund GIC will acquire a 33 per cent stake in its Indonesian unit and toll roads operator Margautama Nusantara for 3.317 trillion rupiah (S$288 million).
Under the deal, GIC will subscribe for 2,673 primary shares in Margautama Nusantara on a fully diluted basis through Warrington Investment, an investment vehicle owned by its unit.
First Pacific added that Metro Pacific Tollways Corp, a unit of Philippine-based Metro Pacific Investments Corp, would acquire a 10.3 per cent stake in Margautama Nusantara for 1.033 trillion rupiah under a separate deal.
First Pacific said that proceeds from the stake sales would be used to refinance certain financing and transaction costs related to its acquisition of toll road Japex in July 2022. REUTERS
