ICTSI Far East has acquired 312.55m shares or 53.23% of shares in Karwell Indonesia at the acquisition price of IDR74 per share. It also acquired 157.1725m shares or 26.77% that are owned by several parties from the public shares at a price range of IDR75-77 per share.
“The purpose of the acquisition and purchase of additional shares is to save and preserve the going concern of Karwell Indonesia that requires the total restructuring of Karwell Indonesia in any appropriate manner, change its primary purpose and business from a garment and textile industry which has stopped commercial operation, directly or through subsidiary companies to be established later on, so that Karwell Indonesia can engage in the development, construction and operation of terminals and maritime logistic infrastructure (...),” ICTSI said.
After the transaction, ICTSI Far East owns 469.7225m shares or equivalent to 80% of the total outstanding and issued shares of Karwell Indonesia.
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