Exclusive: Indonesia-focused PE firm Northstar Group closes fourth fund at $800m


Singapore headquartered private equity firm Northstar Group has hit the final close of its fourth fund at around $800 million, an executive with direct knowledge of the development said. The Indonesia-focussed PE firm’s fourth fund had a hardcap of $1 billion, and the final close for its latest vehicle is… Read more »

Indonesia: LMIRT considers exercising put option for Lippo Mall Kemang in South Jakarta

LMIRT Management Ltd, the manager of Lippo Malls Indonesia Retail Trust, said the manager and the trustee, are considering to exercise their put option in relation to the Lippo Mall Kemang acquisition following the delay in the issuance of the strata-title certificates. Also Read: LMIR Trust secures $200m loan for refinancing, working… Read more »

Dubai Islamic Bank raises stake to 40% in Indonesia’s Bank Panin Syariah  

Dubai Islamic Bank PJSC (DIB) has received formal approval from the Financial Services Authority, Indonesia (OJK) to increase its shareholding in PT Bank Panin Syariah, a listed syariah commercial bank, to 40 per cent, the company said in a press statement. The move forms part of DIB’s overall investment strategy… Read more »

Indonesia’s MNC Group, Korea Land Housing to develop $210m project

Indonesia’s diversified conglomerate MNC Group, through its property unit PT MNC Land Tbk (KPIG), has signed an agreement with Korea Land & Housing to develop an integrated residential area in Lido, Bogor in West Java province. According to MNC Land director, Daniel Yuwono, the Lido project is expected to require an investment… Read more »

Air Asia chief Tony Fernandes & other investors form Angel-eQ to help tech startups in Indonesia

A number of Indonesian business leaders have come together to form an angel investor network- Angel-eQ Network –  that will fund early-stage start-up tech companies in Indonesia. The founders of Angel-eQ Network include Malaysia’s Air Asia Bhd chief executive officer Tony Fernandes, president director of television network operator Intermedia Capitaland Erick Thohir, CEO of… Read more »

Indonesian virtual PA service YesBoss raises seed round from 500 Startups, Japan’s IMJ & Convergence Ventures

YesBoss, the first text-based virtual personal assistant service in Indonesia, has raised seed funding from 500 Startups, Japan’s IMJ Investment Partners, and Indonesia’s Convergence Ventures. Khailee Ng, Managing Partner of 500 Startups, said, in a statement, “We are already seeing YesBoss as a daily standard in how middle-class Indonesians get through… Read more »

Indonesia XL Axiata to prepay, convert debt to avoid currency volatility

As part of its efforts to stave off currency related risks, Indonesia’s major mobile telecom player PT XL Axiata Tbk (EXCL) is refinancing, converting and extending the payment part of its US dollar denominated debts, according to a company filing to the Indonesian Stock Exchange. Also Read : Indonesia telecom player XL Axiata to… Read more »

Indonesia Dealbook : Government to collect $2.33b dividend from SOEs; Two firms set for IPO in Q4

The Indonesian government will collect dividend from 22 public listed state enterprises (SOEs) amounting to Rp34 trillion ($2.33 billion) for the State Budget for 2016. Meanwhile, Indonesia Stock Exchange says two companies will launch their IPOs in the fourth quarter of 2015 to raises up to Rp 850 billion ($58.22 billion). Telkom, PGN… Read more »

Indonesia: Ooredoo to invest $477m for Indosat’s 4G launch in November

PT Indosat Tbk (ISAT), Indonesia third largest mobile operator based on number of subscribers, is set to launch its fourth generation (4G) service in November. To support the plan, a unit of Qatar telecommunication firm Ooredoo will set aside capital expenditure Rp 7 trillion ($477 million) in 2016. Also Read… Read more »

Japan’s SMBC to buy 35% in Indonesia auto finance units for $333m

Japan’s Sumitomo Mitsui Banking Corp (SMBC) is buying 35 percent stakes in two Indonesian vehicle financing firms for about 40 billion yen ($333 million), sources with direct knowledge of the matter said, betting on rising incomes in the Southeast Asian nation boosting vehicle ownership. SMBC is buying a 35.1 percent… Read more »