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View all search resultsPhillip Capital invests in Intan Baruprana
Singapore-based private-equity firm Phillip Capital Group has acquired a 9
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ingapore-based private-equity firm Phillip Capital Group has acquired a 9.71 percent stake in PT Intan Baruprana Finance (IBF), a subsidiary of PT Intraco Penta (INTA) heavy-equipment distributor, through a rights issue.
Phillip Capital investment director Bradley Chew said at a news conference on Friday that the partnership was a result of more than two years of negotiations.
"As a long-term investor, we hope to bring IBF to the next level," he said.
Phillip Capital Group currently manages US$22 billion worth of assets.
After the new acquisition, IBF's shareholders currently consist of Intraco Penta at 79.72 percent, PT Inta Trading at 10.57 percent and Philip Capital, through Phillip Asia Pacific Opportunity Fund Ltd.
IBF president director Fred L. Manibog said that the investment by Phillip Capital Group would be used to expand and diversify its heavy-equipment financing operations from general mining to oil and gas, agribusiness, infrastructure and logistics.
IBF finance director Samuel Kendra said that in the first half of the year IBF booked Rp 22.35 billion ($2.12 million) in net profits, Rp 2.1 trillion in financing and Rp 2.1 trillion in total assets.
