Salim Group to Raise US$1 Billion from Northstar Group, TPG Capital and Gateway Management (Asia)

Source: The Wall Street Journal  |  Author(s): P.R. Venkat

Indonesia-based conglomerate Salim Group will raise a reported US$1 billion from a consortium including Southeast Asia-focused private equity fund manager Northstar Group and global private investment firm TPG Capital. The consortium, which also includes investment firm Gateway Management, will provide secured financing to Salim Group companies. The Salim Group will in turn pledge shares of its Hong Kong-listed entity First Pacific and Indonesia-based unlisted minimart and convenience store operator Indomaret as collateral. The financing will be structured as a six-year loan.