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Adi Sarana acquires 51% of JBA Indonesia's stake

18 February 2019 06:27 AM  Company: PT. Adi Sarana Armada Tbk[ASSA]
Rp. 800  +45 (5.96%)

JAKARTA - PT Adi Sarana Armada Tbk (ASSA) acquired 51% of PT JBA Indonesia's shares for Rp 146.19 billion to expand its business into the auto auction business (auction hall). The acquisition was conducted by its subsidiary, PT Adi Sarana Lelang.

As cited from the company's disclosure of information, Hinda Tanujaya, Corporate Secretary of PT Adi Sarana Armada Tbk (ASSA) stated that the acquisition of auction company was expected to improve the company's performance in the future. "JAB Indonesia has competencies in the auction business, and this corporate action is in line with the company's main business," he said.

For information, the company injected Rp 90.23 billion of paid-up capital to its subsidiary, PT Adi Sarana Lelang. With capital injections, the subsidiary is expected to expand its business lines in offering vehicles.

Hinda Tanujaya, Corporate Secretary of PT Adi Sarana Armada Tbk (ASSA), stated that the funds for Adi Lelang came from internal cash. "The company hopes that with the paid-up capital, it can expand its business in line with the core business of the parent company," he said. (LK/AR)

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PT. Adi Sarana Armada Tbk [ASSA]   Rp. 800   +45 (5.96%)