Singapore's GIC takes minority stake in Nordic Aviation Capital

Companies that provide short-term consumer loans at high interest rates are on the increase in countries like Indonesia and the Philippines as many people struggle to get advances through traditional channels such as banks.

Singapore sovereign wealth fund GIC is taking a minority stake in Denmark-based Nordic Aviation Capital (NAC), the world's largest lessor of regional aircraft said in a statement.

The deal will see the sovereign wealth fund join NAC's founder, Martin Møller and Swedish private equity firm EQT VI as significant minority investors in NAC.

Terms of the deal were not disclosed.

EQT put NAC up for sale just 2-1/2 years after buying a majority stake in the company, two sources familiar with the matter told Reuters in February.

EQT acquired a 54 percent stake in NAC in August 2015.

NAC said it has a fleet of 468 regional aircraft. - Reuters