Gallant to Buy 52% of Auto Dealer Indomobil Sukses
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Gallant Venture Ltd., an investment holding company, will buy majority control of Indonesian automotive retailer PT Indomobil Sukses Internasional for $809.3 million to tap growth in Southeast Asia’s largest economy.
Gallant will pay 5,420 rupiah per share for a 52 percent stake from PT Cipta Sarana Duta Perkasa, a 1.3 percent premium to yesterday’s closing price, the Singapore-based company said in a stock exchange filing today. Gallant shares surged as much as 13 percent and the company will also have to buy the Indomobil shares it doesn’t own, valuing the auto retailer at 15 trillion rupiah ($1.55 billion).