REPUBLIKA.CO.ID, JAKARTA - CT Corp, an Indonesian-based holding company, will rebrand Carrefour Indonesia after the company acquired full ownership of the French-based retailer. CT Corp acquired Carrefour for 750 million USD on Monday, two years after the company first bought a 40 percent stake for 350 million USD in April 2010.
The owner of CT Corp, business tycoon Chairul Tanjung, said the new name for Carrefour Indonesia would be Trans Carrefour. "But gradually, the name 'Carrefour' will disappear," he said on Tuesday.
CT Corp business operator, PT Trans Retail, has the right to use the Carrefour brand for five years. The agreement between Carrefour and Trans Retail was conducted through sells and uprising.
About 10 foreign banks help Trans Retail secure the funds to finance the acquisition. They are Credit Suisse, BNP Paribas, JP Morgan Securities, ING Bank, ANZ, Goldman Sachs, Deutsche Bank, Royal Bank of Scotland, Standard Chartered Bank, and Bank of Tokyo Mitsubishi UFJ.
Trans Retail must repay the loan in three years with five percent interest. "We hope that performance of Carrefour Indonesia will increase so that Trans Retail will have the money to repay the loans," he said.
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