Dec 26, 2010

CIC, welcome on board of Delta Dunia

Chinese sovereign wealth fund China Investment Corporation (CIC) today finally announced its enrollment into a consortium of TPG Capital and Government of Singapore Investment Corporation (GIC) for acquiring all non voting shareholder in Northstar Tambang Persada Ltd (NTP), which is also a 40% shareholder of PT Delta Dunia Makmur Tbk (DOID).
In an official statement submitted to Indonesia Stock Exchange (IDX) today, NTP Director Glenn T. Sugita said following the stake purchase by CIC, the shareholders of NTP are now consisting of Northstar Equity Partners (voting rights' holder), TPG, GIC, and CIC.
"Northstar Equity continues to retain voting rights and controlling interest in NTP," Sugita said in the statement. 
CIC is an investment institution established in 2007 as a wholly state‐owned company under the Company Law of the People’s Republic of China.
A source close to the deal said in the consortium, TPG Capital holds the majority shareholding of about 80%, while the remaining goes to GIC and CIC with approximately 20% shareholding each.  
 
Disclosure: No position at the stock mentioned above.  

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