PT Wijaya Karya Tbk and PT. Wijaya Karya Beton, Tbk completed 80% in PT Citra Lautan Teduh from Pumyang Construction Co., Ltd..
September 12, 2014 at 09:30 am IST
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PT Wijaya Karya (Persero) Tbk and PT. Wijaya Karya Beton, Tbk (JKSE:WTON), signed a conditional sale and purchase agreement to acquire 80% in PT Citra Lautan Teduh from Pumyang Construction Co., Ltd. (KOSE:A002410) on July 21, 2014. In this PT Wijaya Karya (Persero) Tbk will acquire 10% and PT. Wijaya Karya Beton, Tbk 70% stake in PT Citra Lautan Teduh. PT. Wijaya Karya Beton, Tbk will use medium term notes which issued in 2013, which raised IDR 366 billion ($31.7 million), to fund the purchase of the stake in PT Citra Lautan Teduh. As on September 10, 2014, PT Wijaya Karya (Persero) Tbk and PT. Wijaya Karya Beton, Tbk (JKSE:WTON), deed of sale and purchase of shares has been signed by PT. Wijaya Karya and Pumyang Construction for acquisition of 80% stake in PT Citra Lautan Teduh for $23.5 million. The total transaction value also includes liabilities of PT Citra Lautan Teduh to other party. The currecny conversion was done through www.oanda.com on July 23, 2014.
PT. Wijaya Karya Beton, Tbk (JKSE:WTON) completed the acquisition of 99.5% stake in PT Citra Lautan Teduh from Pumyang Construction Co., Ltd. (KOSE:A002410) on September 12, 2014. Under the terms of the transaction, Wijaya Karya Beton acquired 44,775 shares in the transaction. 90% of the purchase price was paid on September 12, 2014.
BUMYANG CONSTRUCTION CO.,LTD, formerly PUMYANG CONSTRUCTION CO.,LTD. is a Korea-based company engaged in the construction business. The Company operates its business through architecture division, civil engineering work division. Its architecture division engages in the construction of public facilities, education facilities, residential complexes, hotels, business centers and others. Its civil engineering work division engages in the construction of roads, express ways, bridges, subways, railways, as well as water and sewage treatment works and landscaping works. It was also involved in the international public building, project management and construction businesses.
BUMYANG CONSTRUCTION CO.,LTD. 