Asdion to buy 51% stake in Indoexpress

KUALA LUMPUR: Asdion Bhd has proposed to acquire a 51% stake in PT Indoexpress Logistics (Indoexpress) for RM6mil.

In a filing with Bursa Malaysia, Asdion said its 99% owned sub-subsidiary, PT Trans Infra Nusantara (PTTIN) has entered into a conditional share sale agreement (CSSA) with PTGDS for the acquisition of 51,600 ordinary shares, or 51% stake in Indoexpress.

Upon completion of the acquisition, Indoexpress shall become a 51% owned sub-subsidiary of Asdion.

Indoexpress is principally involved in the business of total logistics services in Indonesia.

“The group is seeking further business opportunities in logistics industry,” Asdion said.