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 indicative price range of between IDR478 to IDR494 per share, according to a term sheet seen by FinanceAsia.
A number of Pakuwon Jati's existing shareholders were...
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