Chairul Tanjung's Conglomerate Owned Company Received IDR 13.2 Trillion From The Bonds Absorbed By Mitsui

Chairul Tanjung conglomerate. (Photo: Doc. Thepeopleophasia)

JAKARTA - Mitsui & Co (Mitsui) announced that it is buying convertible bonds issued by PT CT Corpora. The total principal amount of the bonds is 100 billion yen or around Rp. 13.2 trillion.

PT CT Corpora is the parent company of CT Corp, a company owned by conglomerate Chairul Tanjung. The company is engaged in a number of areas, including financial services, retail, media, property, hospitality, entertainment and lifestyle.

The issuance of the convertible bonds consisted of two phases, 67 billion yen and 33 billion yen, respectively. Meanwhile, bonds worth 33 billion yen replaced existing corporate bonds with the same amount as those purchased by Mitsui in November 2018.

CEO of Mitsui & Co. Kenichi Hori said Mitsui has established market share in Asia as a strategic focus area in its mid-term management plan.

"We aim to seize the opportunities for growing consumer demand in Asia by building strategic partnerships, and by leveraging our diverse portfolio and global network to provide high quality products and services to Asian consumers," he said in a written statement, quoted by VOI, Tuesday, May 4. .

By strengthening Mitsui's alliance with CT Corp through bond subscriptions, Hori added, his party intends to contribute to accelerating business growth and evolution in various consumer-related industries.

"And in the end improve the quality of life of Indonesian consumers," added Hori.

Indonesia has a population of 270 million, the largest in ASEAN, and is projected to face a growing expansion of middle-income consumers. The largest segment consists of relatively young digital-savvy consumers, whose needs are being accommodated by CT Corp through an increasingly wide variety of digital services.

After subscribing to the convertible bonds, Mitsui will commit to support CT Corp's evolution into a multinational company by sending commissioners, directors and other employees to share expertise.

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Mitsui also aims to contribute to CT Corp's growth through a joint business that leverages Mitsui's proven business development capabilities. The closure of the convertible bond subscription has not been completed, and is subject to fulfillment of mutually agreed terms, which are expected to be fulfilled in the second quarter of fiscal 2021.

Mitsui & Co Ltd is a global trading and investment company with a diversified business portfolio covering approximately 64 countries in Asia, Europe, North, Central & South America, Middle East, Africa and Oceania. Mitsui has more than 5,600 employees and mobilizes talent from all over the world to identify, develop and grow the business in collaboration with a global network of trusted partners.

Mitsui has built a strong and diversified core business portfolio spanning the Mineral and Metal Resources, Energy, Machinery and Infrastructure, and Chemicals industries.

Meanwhile, PT CT Corpora was founded in 1996 by Chairul Tanjung. CT Corp (Group) has consumer-related business activities including financial services, retail, media, property, hospitality, entertainment and lifestyle.

Sales reached IDR46.4 trillion based on the fiscal year as of December 2019, with total assets of IDR181.4 trillion. The number of employees is approximately 100,000 people.