Thursday, January 15, 2015

JAKARTA: On Monday, January 5th 2015, UT through its subsidiary, PT Karya Supra Perkasa (“KSP”) has made a purchase of 200,000,000 shares, representing 40% of the total issued and fully paid shares in PT Acset Indonusa Tbk (“ACST”), from PT Cross Plus Indonesia (“CPI”)  and PT Loka Cipta Kreasi (“LCK”). Closing ceremony of the shares purchase was held in Astra International and signed by Tan Tiam Seng Ronnie CPI Director, Hilarius Arwandhi LCK Director, Gidion Hasan KSP President Director, and Jeffrey Chandrawijaya KSP Director.

The acquisition process is a continuation of the Memorandum of Understanding (“MOU”) which was signed on October 10, 2014 and Conditional Sale and Purchase of Shares Agreement (“CSPA”) on December 18, 2014. Under the MOU and the CSPA, KSP plans to buy a minimum amount of 250.5 million ACST shares (“Majority Shares”).

Furthermore, KSP will execute the ACST share purchase from public shareholders through a Mandatory Tender Offer (“MTO”). Through the MTO, KSP is expected to obtain at least 50.5 million shares, representing 10.1% of the total shares issued and fully paid in ACST, to be a Majority Shareholders. If in the MTO process KSP failed to obtain at least 50.5 million shares, KSP will make additional purchases from CPI and LCK, bringing the total number of shares in equivalent to the Majority Shares.

Overview of ACSET 

ACSET (Advance Civil Structural Engineering Technology) was founded by Tan Tiam Seng Ronnie and Hilarius Arwandhi in 995 as a foundation specialist company. Currently ACSET has become a construction company that works on projects that include foundations, civil works, detail design, mechanical & electrical, plumbing, and finishing, making ACSET as a construction company with the ability to provide end to end construction services. On June 24, 2013, ACSET officially went public and listed on the Indonesia Stock Exchange with the trading code ACST.

Overview of Karya Supra Perkasa

Karya Supra Perkasa (KSP) is a limited liability company established on October 7, 2014 which is wholly owned by UT. KSP covers general business activities such as trading, construction and industry.