PT Trans Retail and GIC Enter into a Partnership
Friday, 9 April 2021 | 15:33 WIB
PT Trans Retail, the main retail arm of Indonesian conglomerate CT Corp, has entered into a
partnership with GIC, Singapore's sovereign wealth fund. GIC has committed to invest an aggregate of
trillion in Trans Retail, Indonesia's leading retailer operating hypermarkets, supermarkets, and
cash & carry stores under the Carrefour and Transmart brands.
The collaboration will allow Trans Retail to capture the full potential of Indonesia's modern retail
market. Given Trans Retail's strong reputation and brand equity, combined with its strategic focus
on the Indonesia modern retail format, it is uniquely positioned to take advantage of the rapidly
expanding consumer class and the secular shift from traditional trade formats to modern trade
CT Corp Chairman Chairul Tanjung said, "The partnership with GIC is a significant step forward in
enabling Trans Retail to expand its store footprint and realize its vision of becoming a leading
retailer and transforming the Indonesian consumer's shopping experience. I believe the retail sector
has strategic importance to the country's economic development moving forward. Apart from providing
numerous employment opportunities, it also ensures the availability of consumer goods at affordable
prices and supports local business enterprises. This partnership will strengthen Trans Retail's
position in the industry and enhance the Indonesian consumer experience positively."
Amit Kunal, Head, Direct Investments Group, South East Asia, GIC, commented, "The investment by GIC
reflects our confidence in Indonesia's long-term growth potential. We are keen to build lasting
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."
Credit Suisse acted as CT Corpora's sole financial advisor for the transaction.