Northstar Pacific and Indonesian tycoon acquire stake in Hutchison Indonesia
Garibaldi Thohir, Indonesian coal magnate and long-term CEO of Adaro Energy, has joined forces with US private equity fund Northstar Pacific, to buy a 35% stake in the Indonesian cellular unit of Hong Kong’s Hutchison Whampoa.
The stake in PT Hutchison 3 Indonesia was previously owned by Chareon Pokphand Group Indonesia and the sale totals Chareon’s exit from Hutchison following the sale of its 65% stake in the firm in July 2005.
Manjot Mann, chief executive of Hutchison 3 Indonesia, told Dow Jones Newswires that the company is now 65% owned by Hutchison and 35% owned by Garibaldi Thohir.
The company reportedly changed its name from PT Hutchison CP Telecommunications as the Thai conglomerate is no longer a shareholder.