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

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

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

“Mitsui aims to contribute in accelerating CT’s growth in the consumer-related industries through joint businesses which leverage Mitsui’s proven business development capabilities,” the company said.

Upon completion of the subscription agreement, Mitsui will despatch key executives to CT Corp. to help develop its business and eventually become a multinational company.

CT Corp. is a leading Indonesian consumer-focused conglomerate with interests in financial services, media, lifestyle, retail, property and entertainment. Founded by Tanjung in 1987, the group’s prominent businesses include Bank Mega and Transmart Carrefour, the largest hypermarket operator in Indonesia. CT stands for the initials of Tanjung, 58, who currently has a net worth of $4.2 billion, according to the Forbes Real-Time Billionaires List.

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

“The convertible bond structure provides mutual benefits, serving as a downside protection as well as multiple options to realize upside potentials in CT’s future growth trajectory, including a possible future public listing,” Mitsui said.

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