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TOOL acquires shophouses and warehouses from affiliate

23 September 2022 15:04

JAKARTA. PT Rohartindo Nusantara Luas Tbk (TOOL) recently purchased three units of shophouses and two units of warehouses worth IDR 25 billion from an affiliated party.

In the information disclosure published today (23/9), it is revealed that the shophouses are located in North Jakarta, while the warehouses are in Tangerang.

Those buildings used to belong to Ronald Hartono Tan, who, for the record, is also the President Director and the Ultimate Beneficial Owner of the company.

It is worth mentioning that the value of these assets acquisition clocks up to 20% of TOOL’s total equity. Therefore, although the transaction is categorised as a material transaction, the company need not to ask for approval from its shareholders.

“The transaction value does not exceed 50% of the company’s equity,” Tan explained.

This acquisition of shophouses and warehouses is in line with TOOL’s plan post-IPO. In its IPO prospectus, the company states its plan to allocate some of the proceeds to acquire shophouses and warehouses to boost its business performance. (KR/ZH)

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