PT Astra Land Indonesia acquired 96.923% stake in P.T. Jaya Mandarin Agung from Mandarin Oriental International Limited (SGX:M04) for $85 million on June 27, 2023. The total value of the transaction is $85 million, which consists of acquiring (i) 7,900 Series A shares, 5,583 Series B shares, 3,950 Series C shares and 55,560 Series D shares, representing 96.923% ownership of all issued and paid up capital in Jaya Mandarin Agung for total purchase consideration of $49.77 million; and (ii) purchase of receivables in connection with loan granted by Mandarin Oriental Hotel Group Limited to Jaya Mandarin Agung in the amount of $35.23 million. KJPP Suwendho Rinaldy & Rekan served as fairness opinion provider to PT ASTRA INTERNATIONAL Tbk.
PT Astra Land Indonesia completed the acquisition of 96.923% stake in P.T. Jaya Mandarin Agung from Mandarin Oriental International Limited (SGX:M04) for $85 million on June 27, 2023.