Temasek now has 26.1% stake in this Indonesian firm.
Baker & McKenzie Singapore has advised Temasek Holdings on its USD300 million investment in exchangeable rights issued by a unit of PT Multipolar Tbk.
The exchangeable rights grant Temasek the right to a 26.1% stake in PT Matahari Putra Prima Tbk and was part of an agreement with majority stakeholder PT Multipolar Tbk, which is controlled by Indonesian conglomerate Lippo Group.
Here's more from Baker & MacKenzie:
PT Matahari Putra Prima Tbk runs the Matahari Food Business, one of the largest food retailers in Indonesia, participating in the retail marketplace through "Hypermart" hypermarkets, "Foodmart" supermarkets, and the "Boston" chain of health and beauty stores. PT Matahari Putra Prima Tbk is listed on the Indonesia Stock Exchange.
The Baker & McKenzie team was led by partner, Ai Ai Wong and her team, associates Daryl Liu, Ting Xiao Hui and Alex Tan. The team had lead responsibility in drafting and negotiating the transaction, and worked with Indonesian counsel Indah Respati of Hadiputranto, Hadinoto and Partners on local matters.
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