Nov 26, 2010

Island Concepts announces merger

PT Island Concepts Indonesia Tbk (ICON), an accommodation service provider, announced its plan of merger with its affiliation, PT Gama Wahyu Abadi (GWA).
In an official statement published today, the approval of the merger will be discussed in an extraordinary meeting of shareholders on January 11, 2011.
ICON, founded in 2001, works on accommodation service. The company built 10 luxurious one-bedroom villas in Petitenget, Bali in August 2002.
GWA, established in 1994, runs the business in trade, construction, industry, mining, and land transportation.
The merger will be completed once ICON receives an effective notice from Capital Market and Financial Institution Supervisory Agency (Bapepam-LK). The company will announce the scheme of joint business on December 13, 2010. 

Disclosure: No position at the stock mentioned above.

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