The Government of Singapore Investment Corporation, better known as GIC, sold its 4.9% stake in high-flying Indonesian real estate firm Pakuwon Jati for almost $90 million on Monday.
The sovereign wealth fund sold 2.36 billion shares at IDR478 per share, at the bottom end of its targeted range and an 8.1% discount to Friday's closing price of IDR520 per share.
The secondary share placement was offered at an...