Phillip Capital takes stake in Indonesian equipment finance business
Singapore-based Phillip Capital Group has acquired a 9.71% stake in Intan Baruprana Finance (IBF), the financing arm of Indonesian heavy equipment distributor Intraco Penta, through a rights issue. Transaction value was not disclosed.
Fred L. Manibog, president director of IBF, said that the new capital would be used to expand and diversify the company's financing operations into oil and gas, agribusiness, infrastructure and logistics....
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