Dec 15, 2010

Astra International closes GES take over

PT Astra Intenational Tbk (ASII) completed the acquisition process over 100% shares of PT General Electric Services from General Electric Capital Corporation.
Astra International’s Corporate Secretary, Aminuddin, in the information disclosure to Indonesia’s Stock Exchange today said that the companies had signed the sale and purchase certificate on 10 December 2010.
By the completion of such transaction, Astra International now happens to be the single owner of PT Astra Sedaya Finance (ASF). Prior to this, Astra International controlled 53% of shares, while GES owned 43% shares of ASF.
The acquisition process began with the signing of conditional sale and purchase agreement over 100% shares of GES on 10 June 2010. Beside completing the GES’s share acquisition, Astra also completed the acquisition over 47% shares of General Electric Capital Asia Investments Inc in PT Sedaya Pratama.
The sale and purchase certificate had been signed on 10 December as Astra International is now controlling 100% shares of Sedaya Pratama.
“The takeover of GES and Sedaya Pratama takes effect since 10 December 2010,” said Aminuddin.

Disclosure: No position at the stock mentioned above.  

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