Mainvest Limited, a wholly owned subsidiary of PT Multipolar Tbk (MLPL), has entered into sale and purchase agreement to acquire Congrex Limited from British Virgin Islands-based Queenz Limited worth HK$345 million.
In a public announcement to Indonesia Stock Exxchange (IDX) today, Congrex owns and manages department store namely Robbinz.
Based on the agreement, Multipolar has committed to provide a guarantee for Mainvest, while Hong Kong-based Lippo China Resources Limited have provided a guarantee for Queenz Limited.
Mainvest has to pay the acquision in several installments during 12 months since closing date scheduled on December 31 2010, regarding to accomplishment of terms and condition required.
Multipolar stock was 1.06% lower to the closing level on Friday last week, sending its market capitalization at Rp718.66 billion.
Disclosure: No position at the stock mentioned above.
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