Following the acquisition, PTKIP will become an indirect wholly-owned subsidiary of Mewah.
Mewah International (SGX:MV4
) has executed a share sale and purchase agreement on Apr 3 to acquire 100% equity interest in PT Kencana Inti Perkasa (PTKIP), an Indonesian company which owns and operates facilities in the palm oil business.
The acquisition consideration of IDR102 billion ($9 million) is a combination of share purchase price and takeover of shareholders and bank loan in PTKIP. The consideration will be funded by internal accruals, the company says in a filing.
