Subsidiary of Giordano International (00709) intends to acquire the entire issued share capital of PT Retail Kreatif Amerta

2023-06-23 10:06:39

(Original title: Giordano International (00709) subsidiary intends to acquire the entire issued share capital of PT Retail Kreatif Amerta)

Zhitong Finance APP news, Giordano International (00709) announced that on June 23, 2023, the buyer (GI.PT Singapore Pte. Limited and Giordano Cambodia Limited) and the seller (Mr. Kristie Besthopen Mahendra and Ms. Ekawati Wongso) entered into an acquisition agreement , the buyer agreed to acquire and the seller agreed to sell the sale shares with a total consideration of 1 million Singapore dollars (equivalent to approximately 5.9 million Hong Kong dollars). The shares for sale represent the entire issued share capital of the target company, PT Retail Kreatif Amerta Internasional, the only material asset of which is the 14.80% owned by Giordano Indonesia (a 65.08% owned subsidiary of Buyer 1, which is an 80% owned subsidiary of the Company) % of shares.

After the acquisition, the results of Giordano Indonesia will continue to be consolidated in the group’s financial statements as an indirect non-wholly owned subsidiary of the company.

It is reported that Giordano Indonesia operates Giordano’s business in Indonesia, and operates the business as a franchisee and authorized licensor of several international brands, and is owned by Buyer 1 as to 65.08%.

The acquisition will enable the Group to further consolidate its interests in Giordano Indonesia, and increase the Group’s actual share of the company’s main subsidiary, Giordano Indonesia, from 52.06% to 63.90%.

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