PT Cowell Development Tbk entered into a conditional share purchase agreement to acquire 99.98% stake in PT Plaza Adika Lestari for approximately IDR 900 billion.

PT Cowell Development Tbk (JKSE:COWL) entered into a conditional share purchase agreement to acquire 99.98% stake in PT Plaza Adika Lestari for approximately IDR 900 billion on October 5, 2012. PT Cowell Development Tbk is acquiring 64.9 billion shares of PT Plaza Adika Lestari representing 99.98% stake. PT Cowell Development will finance the acquisition from the proceeds of a rights offering. PT Plaza Adika Lestari reported total assets of IDR 509.19 billion and total equity of IDR 209.81 billion as of June 30, 2012, operating revenues of IDR 67.04 billion, operating profit of IDR 30.85 billion, profit before tax of IDR 21.89 billion and net income of IDR 14.52 billion for the six month period ended June 30, 2012.

As of November 24, 2012, the transaction has been approved by shareholders of PT Cowell Development Tbk.