(Finance) – The sovereign wealth fund of the Singapore GIC has converted the minority shareholding held in the holding companies Dafe 4000 Srl and Dafe 5000 Srl in an equivalent number of shares of Intercos, a group active in cosmetics and listed since November 2021 on Euronext Milan. Raffles Blue (vehicle of GIC) holds an interest equal to 16.912% of Dafe 4000 and 29.337% of Dafe 5000 (both controlled by the founder of Intercos Dario Ferrari). The price paid by Raffles Blue for the purchase of the equity investments corresponded to a price per Intercos share of € 12.046. As a result of the conversion, he will be assigned a total of 7,963,292 Intercos shares, corresponding to approximately 8.3% of the share capital social of the same.
“GIC is a long-term investor and intends to continue supporting Intercos following its successful listing”, commented Arjun Khullar, Head of GIC’s Integrated Strategies Group. Dario Ferrari he, for his part, reiterated that “GIC has proven to be a loyal and proactive partner in Dafe. I am delighted that our partnership continues with GIC as a minority shareholder in Intercos”.