Thursday, June 10, 2010

Astra International & Bank Permata acquire GE

PT Astra International Tbk, the Indonesian automative retailer agreed to buy a 100 percent stake in PT General Electric Services, a unit of General Electric Co.
The purchase will boost Astra's stake in PT Astra Sedaya Finance to 100 percent from 53 percent. Formerly, General Electric Services owns 47 percent of Astra Sedaya.
Astra International subsidiary, PT Bank Permata Tbk also signed an acquisition deal of PT GE Finance Indonesia (GEFI) by buying 487,160 shares units.
The company is said to acquire 340,386 shaers of GE Capital International Holdings Corporation and 146,774 shares of PT General Electric Services Indonesia.
With the accomplished transaction later, Bank Permata would have owned 100 percent shares of GEFI.
GE Finance Indonesia is the subsidiary firm of GE Capital, a multinational company with a total asset worth more than US$425 billion.

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