Dec 8, 2010

JSPT subsidiary acquires Copylas

PT Antilope Madju, owner and operator of Hotel Regency Hyatt Yogyakarta, has entered into share purchase agreement with Itochu Corporation in a bid to acquire 30% holding in PT Copylas Indonesia worth Rp26.44 billion.
Antilope is subsidiary of property developer PT Jakarta Setiabudi Internasional Tbk (JSPT). Antilope, signed the agreement on December 2 2010, owns 64.2% holding in Copylas Indonesia. Copylas Indonesia is a company actively moving in the business of various buildings operator. Copylas manages buildings ownership, management, and sales. Copylas currently develops and sell land bank and properties at Puri Botanical Residence.
The share purchase agreement will be effective if several conditions could be fulfilled by Copylas and Antilope Madju.
The transaction should be approved by Copylas' shareholders and Indonesia Investment Coordination Board.
Copylas is obliged to pay Yen954.43 million debt to Itochu Corporation and Antilope must pay the transaction.
Post the transaction, Antilope could control 94.2% holding in Copylas Indonesia.
The acquisition is not categorized as material transaction as the value counts 2.3% of Jakarta Setiabudi's September condolidated equity of Rp1.13 trillion. 
  
Disclosure: No position at the stock mentioned above.  

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