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Japan's SMBC buys 14.9 pct stake in Indonesia financing firm
March 20, 2012 / 10:03 AM / 6 years ago

Japan's SMBC buys 14.9 pct stake in Indonesia financing firm

JAKARTA, March 20 (Reuters) - PT Indonesia Infrastructure Finance (IIF), a financing firm partly owned by the government, has signed an agreement to sell a new 14.9 percent stake via an issuance of new shares to a unit of Sumitomo Mitsui Financial Group, the Indonesian firm said on Tuesday.

Sumitomo Mitsui Banking Corporation (SMBC) will become one of many international investors in the company including a World Bank’s International Finance Corporation and the Asian Development Bank, the company said in a statement.

“The SMBC participation will help us to give private view on government projects and it will also help our plan to accelerate infrastructure development,” said the firm’s CEO Kartiko Wirjoatmodjo.

Wirjoatmodjo declined to disclose the transaction value.

The government controls IIF through its unit PT Sarana Multi Infrastruktur, which controls a 34.3 percent stake. (Reporting by Janeman Latul; Editing by Matthew Bigg)

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