Society Pass subsidiary to acquire 95% of PT Inetindo Infocom for ~US$1.85M

SOCIETY PASS INCORPORATED.

Acquiring 95% of Indonesian Apple Premium Reseller PT Inetindo Infocom for AUD 2.78M (US$1.85M).
Inetindo operates 26 Apple stores across 9 Indonesian cities, employs ~300 employees.
Addition of ~US$30M in annual revenues (FY2022 AUD 42.4M); unaudited 1H FY23 rev +28% YoY.
Deal expected to close by September 2023, subject to ASX and Story-I shareholder approvals.
Acquisition expected to be accretive to Society Pass's non-GAAP EPS upon close.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

SOCIETY PASS INCORPORATED. entered into Securities Purchase Agreement with Story-I Ltd., Story-I Pte Ltd., and Michael Chan valued at AUS$2,787,173 (approximately US$1.85 million) (effective 2023-06-30).

Action: entry
Agreement: equity purchase
Counterparty: Story-I Ltd., Story-I Pte Ltd., and Michael Chan
Value: AUS$2,787,173 (approximately US$1.85 million)
Effective: 2023-06-30

Exact text from the filing

On June 30, 2023, NextGen Retail Inc., a Nevada corporation (the “Buyer”), a wholly-owned subsidiary of Society Pass Incorporated (the “Registrant”), entered into a Securities Purchase Agreement with Story-I Ltd., an Australian corporation (“Story-I Australia”), Story-I Pte Ltd., a Singapore corporation (“Story-I Singapore”), a wholly-owned subsidiary of Story-I Australia, and Michael Chan, to purchase 95% of the outstanding shares (the “Majority Shares”) of PT Inetindo Infocom (the “Company”), an Indonesian company and retail reseller of Apple computers and other electronics in Indonesia.

View on SEC.gov

273 material agreements filed in the last 30 days. Browse all material agreements →

SOCIETY PASS INCORPORATED. filing history →

Source: SEC EDGAR

accession 0001607062-23-000359

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