Singapore’s GIC has bought a stake in Indonesian toll road company PT Marguartama Nusantara for INR3.32bn (€199m) from the Hong Kong-listed First Pacific.

Warrington Investment, an investment vehicle managed by GIC subsidiary GICSI, subscribed to 2,673 shares in Marguartama Nusantara, representing an approximately 33% equity stake in the company.

Marguartama Nusantara has also entered into a separate share subscription agreement with a unit of First Pacific affiliate and Philippine infrastructure company Metro Pacific Tollways Corp (MPTC) for the subscription of 833 shares in Marguartama Nusantara for a 10.3% equity stake in Marguartama Nusantara.

Marguartama Nusantara owns several toll road concessions in Indonesia, including Bintaro Serpong Damai, PT Makassar Metro Network; Jalan Tol Seksi Empat and Jakarta Lingkar Baratsatu, which connect the suburbs of the Indonesian capital, Jakarta.

First Pacific said that proceeds from the stake sales would be used to refinance certain financing and transaction costs related to its acquisition of Japex in July last year.

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