Billionaire Chairul Tanjung’s CT Corp To Receive $ 916 Million Investment From Mitsui & Co

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CT Corp., the Indonesian conglomerate founded by tycoon Chairul Tanjung, has secured a 100 billion yen ($ 916 million) investment pledge from Japanese trading firm Mitsui & Co.

Mitsui & Co said its investment will be made in two tranches consisting of 67 billion yen in a convertible issue and 33 billion yen to replace the existing corporate bonds to which it subscribed in November 2018. The investment will be made through the holding company of CT Corp. PT CT Corpora. The bond issue is expected to be finalized by the second quarter of this current fiscal year, subject to mutually agreed terms, Mitsui said in its statement.

“Mitsui aims to help accelerate CT’s growth in consumer-related industries through joint ventures that leverage Mitsui’s proven business development capabilities,” the company said.

At the end of the subscription agreement, Mitsui will send key executives to CT Corp. to help it develop its activities and eventually become a multinational company.

CT Corp. is a leading Indonesian consumer-focused conglomerate with interests in financial services, media, lifestyle, retail, real estate and entertainment. Founded by Tanjung in 1987, the main activities of the group include Bank Mega and Transmart Carrefour, the largest operator of hypermarkets in Indonesia. CT represents the initials of Tanjung, 58, who currently has a net worth of $ 4.2 billion, according to TBEN’ Real-Time Billionaire List.

Mitsui’s investment in CT Corp. is in line with the company’s strategy of building a new pillar of growth in Asia, one of the fastest growing regions in the world. Indonesia is the largest country in Southeast Asia with a population of 270 million and rapidly growing middle-income and digital-savvy consumers, he said.

“The convertible bond structure offers mutual benefits, serving as downside protection as well as multiple options for realizing upside potentials in CT’s future growth path, including possible future public listing,” Mitsui said.

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