IFC to invest up to $31m in Indonesia's logistics company ASSA

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.

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