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Singapore's GIC acquires additional stake in Bukalapak for $95m

The sovereign wealth fund grabs 11% in Indonesian e-commerce giant

Bulakapak became the first Indonesian unicorn to list on the local stock exchange.   © Reuters

CEBU, Philippines -- Singapore's sovereign wealth fund GIC has invested as much as 1.4 trillion rupiah ($95 million) in Indonesian e-commerce giant Bukalapak, thereby taking its stake in the company to 11%, according to a regulatory filing.

Bulakapak, which became the first Indonesian unicorn to list on the local stock exchange, said GIC has acquired an additional 1.6 billion shares of the company for 850 rupiah apiece.

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