Jakarta 24 February, 2016 – 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 IDR 5.2 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 formats.

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 multi-format 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 leadership 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 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.”