Singapore's GIC to invest $387 mln in Indonesian retail firm
Singapore's Minister Mentor Lee Kuan Yew, chairman of the Government of Singapore Investment Corp. (GIC), speaks at GIC's 25th anniversary dinner at a hotel in Singapore in this July 11, 2006 file photo. Reuters

Singapore's sovereign wealth fund GIC will invest 5.2 trillion rupiah ($387 million) in Indonesia's Trans Retail, an operator of hypermarkets and supermarkets.

PT Trans Retail, the retail arm of Indonesian conglomerate CT Corp, runs stores under the Carrefour and TRANSmart brands in Indonesia.

"We are keen to build lasting partnerships with reputable local partners and look forward to a deep relationship with CT Corp, which also has a strong track record for making good investments and share our investment values," Amit Kunal, head of direct investments at GIC said.

The partnership with GIC was a "significant step forward in enabling Trans Retail to expand its store footprint and realise its vision of becoming a leading multi-format retailer," CT Corp Chairman Chairul Tanjung said in a statement.

GIC manages most of the government's financial assets for the long term.