International Finance Corporation (IFC), a member of the World Bank Group, announced that it will invest up to 451 billion rupiah ($31 million) in convertible bonds into Indonesia’s logistics player PT Adi Sarana Armada (ASSA).
Established in 1990, IDX-listed ASSA started off as a vehicle rental company before expanding to other services such as vehicle auction, and logistics, among others. It subsequently launched its IPO on the Indonesian Stock Exchange in 2012.
