GIC, Northstar buy into Indonesia palm oil firm for $200 mln - source
SINGAPORE, Sept 7 |
SINGAPORE, Sept 7 (Reuters) - Singapore sovereign wealth fund GIC and Northstar Pacific Partners, the Indonesian private equity firm backed by TPG, have bought a minority stake in PT Triputra Agro Persada, Indonesia's eighth-biggest palm oil producer, in a $200 million deal, a source said.
The investment in the unlisted firm comes as palm oil prices are under pressure from high palm oil stocks and concerns about a weak global economy.
GIC and Northstar bought a minority stake for about $200 million, the source with direct knowledge of the deal told Reuters.
Triputra Agro Persada has 175,000 hectares under cultivation. It owns 388,000 hectares of palm oil estates and plans to expand this to 600,000 hectares by 2020, the company said on its website.
The Financial Times earlier reported the deal. (Reporting by Saeed Azhar; Editing by John O'Callaghan)
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