Datacraft Asia currently owns 60% of DCI and will pay US$16.1 million in cash to purchase the remaining 40% equity interest in DCI from its joint venture partner PT Mitra Intergrasi Informatika, a subsidiary of PT Metrodata Electronik. DCI is involved in the design, development, marketing and servicing of data communication systems and employs 47 full time staff.
The Directors of Datacraft Asia believe that the Company will benefit from the acquisition of the remaining 40% equity interest in DCI as the Company will have total management control in both the operational and strategic direction of the business. With the liberalisation of the IT and Telecommunications Market and the current and expected strong future growth rates of the business in Indonesia, the Company will benefit from the consolidation of the stake in DCI.
A deposit amounting to US$805,000 is payable within 5 days of the signing of the Letter Of Intent and the balance of US$15.295 million will be payable on the completion of the Acquisition.
The Directors expect to enter into a Share Purchase Agreement shortly and the completion of the Acquisition to take place around 30 June 2001 after receiving all relevant approvals, including approval from the Indonesia Supervisory Board of Capital Market (Bapepam), the Indonesian Capital Investment Board (BKPM), shareholders of PT Mitra Intergrasi Informatika and shareholders of PT Metrodata Electronik at general meetings.
