JAKARTA -- CT Corp, the Indonesian conglomerate owned by billionaire Chairul Tanjung, on Tuesday said it sold a 49% stake in its life insurance arm Asuransi Jiwa Mega Indonesia to a unit of U.S. insurer Prudential Financial for an undisclosed price.
CT Corp, known for the buyout of French hypermarket operator Carrefour's local unit in 2012, has a big presence in Indonesia's retail and media industries. The partnership aims to strengthen the group's financial business, which also includes Bank Mega, a mid-sized bank, and auto finance and asset management. Tanjung, who is CT Corp's chairman, said the partnership will use the group's advantage of "knowing the real customer" to cater to a rising middle class.
