JAKARTA: PT Antilope Madju, a subsidiary of PT Jakarta Setiabudi Internasional Tbk, and Itochu Corporation signed a share purchase agreement for 30% shares of PT Copylas Indonesia at IDR26.44 billion on December 2, 2010.
To complete this acquisition, Antilope Madju benefited the fund from PT Bank OCBC NISP Tbk.Jakarta Setiabudi owns 60% shares of Antilope Madju. As the deal was completed, Antilope Madjus ownership in Copylas Indonesia increased from 64.2% to 94.2%.Director of Jakarta Setiabudi, Lie Erfurt Chandra Putra Asali, said in a statement to Indonesia Stock Exchange that there will be no change in management of Copylas Indonesia since Antilope Madju has been the majority and controlling shareholder in Copylas Indonesia.There are several conditions to complete this share purchase agreement. The first is that it requires approval from all shareholders of Copylas Indonesia and Indonesian Investment Coordinating Board. Next, Copylas Indonesia must settle 954.43 million yen debt to Itochu Corporation, which will be funded by credit from Bank OCBC NISP. It also requires Antilope Madju to make share payment.Copylas Indonesia, a property company, is currently developing and marketing Puri Botanical Residence.At stock exchange, Jakarta Setiabudi, whose share is coded JSPT, was traded stagnant at IDR700 per share at 10:32 a.m. (T04/NOM)
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