JAKARTA. ICTSI Far East Limited Pte Ltd is reported to be selling 80.19% of its stake in PT ICTSI Jasa Prima Tbk (KARW).

Tejas Nataraj, President Director of KARW, said that ICTSI Far East had signed a conditional share sale and purchase agreement (CSPA). This agreement was signed with PT Saranakelola Investa which acted as the share buyer.

"Completion of the share takeover plan still depends on the parties fulfilling the requirements, as regulated in the CSPA," said Nataraj, through information disclosure on the Indonesia Stock Exchange (BEI).

Later, after the takeover is complete, Saranakelola Investa will become the controlling shareholder of KARW. “The settlement will result in shifting control to the buyer," said Nataraj.

According to idnfinancials.com data, KARW is an issuer that runs a loading and unloading services business as well as developing the construction and operation of maritime infrastructure facilities. The Company is one of 16 stevedoring companies appointed by PT Pelabuhan Indonesia (Pelindo) II to operate at the Tanjung Priok port. (KR/LM)