S’pore Help to Justify Salim Group’s Infrastructure Ambition

By Editorial Team 07/11/2023
Toll road
Summary

The Sovereign wealth fund from Singapore, the Government of Singapore Investment Corporation Pte Ltd (GIC), has purchased shares in PT Margautama Nusantara (MUN), a subsidiary of PT Nusantara Infrastructure Tbk (META), which is under the Salim Group. Under this agreement, Warrington Investment Pte Ltd (WIPL), managed by GIC, will acquire 2.673 main shares of MUN. This transaction will represent a 33 percent ownership of MUN shares with a purchase price of US$209.9 million.

In a disclosure on the Hong Kong Stock Exchange on Monday, Nov 6, MUN signed a separate agreement with PT Metro Pacific Tollways Indonesia (MPTI). MPTI is an indirect subsidiary wholly owned by Metro Pacific Tollways Corporation (MPTC), which is a unit of First Pacific in the Philippines. MPTI has subscribed to 10.3 percent of MUN shares worth US$65.4 million. After this transaction, MPTC's ownership in MUN will be reduced to 50.9 percent. Both First Pacific and META are affiliated with the Salim Group.

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