PT Matahari Department Store Tbk signed a share purchase agreement to acquire 16.4% stake in PT Bank Nationalnobu Tbk from PT Inti Anugrah Pratama for approximately IDR 550 billion.

PT Matahari Department Store Tbk (IDX:LPPF) signed a share purchase agreement to acquire 16.4% stake in PT Bank Nationalnobu Tbk (IDX:NOBU) from PT Inti Anugrah Pratama for approximately IDR 550 billion on November 4, 2020. Under the terms of transaction, Matahari Department Store will purchase 728 million shares of Bank Nationalnobu at a price of IDR 755 per share. Transaction will be implemented in 3 tranches.

On November 4, 2020, PT Matahari Department Store Tbk completed the purchase of 9.01% shares, approximately 400 million shares. The third tranche of the transaction is expected to complete by December 28, 2020.