PhillipCapital Takes Stake in Indonesian Equipment Finance Business (Asia)

Source: Asian Venture Capital Journal  |  Author: Tim Burroughs

Asian financial house PhillipCapital has acquired a 9.7 percent stake in Indonesia-based heavy equipment financer Intan Baruprana Finance (IBF), the financing arm of equipment distributor Intraco Penta, through a rights issue. Intraco Penta will continue to hold a majority stake of 79.7 percent, with Intra Trading, another affiliate of the Intraco Penta, taking a 10.6 percent stake. Financial details of the transaction, which was structured through PhillipCapital’s Phillip Asia Opportunity Fund, were not disclosed. IBF intends to use the new capital to expand and diversify its financing operations into oil and gas, agribusiness, infrastructure and logistics.