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Jakarta Post

CT Corp. completes Carrefour takeover

  • Raras Cahyafitri

    The Jakarta Post

Jakarta   /   Wed, November 21 2012   /  09:59 am

The business empire of tycoon Chairul Tanjung has expanded its reach by acquiring full ownership in the local unit of French-based retailer Carrefour in a US$750 million transaction.

Chairul’s retail business operator, PT Trans Retail, completed the deal on Monday, less than two years after the company first purchased a 40 percent stake in the Indonesian unit in April 2010.

Funds for the remaining shares were raised entirely by a syndicated loan involving 10 foreign banks that must be fully repaid in three years, signaling solid confidence in retail growth.

“We hope that [Carrefour Indonesia’s] performance will increase rapidly so that Trans Retail will have the money to repay the loans. There is also possibility to repay the loans by issuing bonds or by taking the company public,” Chairul said in at a press conference on Tuesday.

Following the takeove...