MYEG (0138) MyEG Services Bhd unit acquires 40% stake in Indonesian company for US$10 mil
KUALA LUMPUR (July 22): An Indonesian unit of MyEG Services Bhd is purchasing a 40% stake in PT Cartenz Inti Utama (PT CIU) for US$10 million or approximately RM41.10 million, as the e-government services provider seeks to further expand its business outside of Malaysia.
With business environment in Malaysia becoming increasingly competitive, MyEG said the acquisition would allow the group to expand its Indonesian presence, in particular to roll-out its tax monitoring system regionally, as a well as to redeploy some of its local systems in other regional markets.
“With the Investment taking place, the Company and PT CIU Group will jointly implement real-time monitoring of business transactions for tax computation purposes across Indonesia,” the group said in a bourse filing today..
The filing said the group's sub-subsidiary MyEG (Indonesia) Sdn Bhd had entered a share sale agreement with PT Aria Pacific Perkasa (PT APP), PT Azzahra Korporindo Investama (PT AKI), PT Cartenz Inti Utama and businessman Gito Wahyudi — a director and shareholder of PT AKI and director of PT CIU — to acquire 3.33 million new shares in PT CIU, or the equivalent of a 40% stake in the company.
As the shares have a nominal value of 1,000 rupiah apiece, the 3.33 million shares translate to a total nominal value of 3.33 billion rupiah.
PT CIU’s current share base of 5 million shares would be enlarged to 8.33 million shares, after MyEG (Indonesia)’s acquisition of the 3.33 million new shares.
PT AKI and PT APP would each own 2.5 million shares or a 30% stake, post acquisition.
MyEG said the acquisition of 40% of PT CIU would help accelerate the present 5,000 installations it maintains in Indonesia, to a higher targeted number of installations. The group is aiming to get permission from relevant local government units, to install 15,000 tapping boxes in Jakarta, Bogor, Depok, Tangerang and Bekasi.
Shares of MyEG closed 1.90% or three sen higher to RM1.61 today, valuing the group at RM5.61 billion. Some 16.31 million shares were traded.
https://www.theedgemarkets.com/article/myeg-unit-acquires-40-stake-indonesian-company-us10-mil
 |
| MYEG (0138) MyEG Services Bhd unit acquires 40% stake in Indonesian company for US$10 mil |
With business environment in Malaysia becoming increasingly competitive, MyEG said the acquisition would allow the group to expand its Indonesian presence, in particular to roll-out its tax monitoring system regionally, as a well as to redeploy some of its local systems in other regional markets.
“With the Investment taking place, the Company and PT CIU Group will jointly implement real-time monitoring of business transactions for tax computation purposes across Indonesia,” the group said in a bourse filing today..
The filing said the group's sub-subsidiary MyEG (Indonesia) Sdn Bhd had entered a share sale agreement with PT Aria Pacific Perkasa (PT APP), PT Azzahra Korporindo Investama (PT AKI), PT Cartenz Inti Utama and businessman Gito Wahyudi — a director and shareholder of PT AKI and director of PT CIU — to acquire 3.33 million new shares in PT CIU, or the equivalent of a 40% stake in the company.
As the shares have a nominal value of 1,000 rupiah apiece, the 3.33 million shares translate to a total nominal value of 3.33 billion rupiah.
PT CIU’s current share base of 5 million shares would be enlarged to 8.33 million shares, after MyEG (Indonesia)’s acquisition of the 3.33 million new shares.
PT AKI and PT APP would each own 2.5 million shares or a 30% stake, post acquisition.
MyEG said the acquisition of 40% of PT CIU would help accelerate the present 5,000 installations it maintains in Indonesia, to a higher targeted number of installations. The group is aiming to get permission from relevant local government units, to install 15,000 tapping boxes in Jakarta, Bogor, Depok, Tangerang and Bekasi.
Shares of MyEG closed 1.90% or three sen higher to RM1.61 today, valuing the group at RM5.61 billion. Some 16.31 million shares were traded.
https://www.theedgemarkets.com/article/myeg-unit-acquires-40-stake-indonesian-company-us10-mil
