Last checked at 6 Dec 2011 07:00
6 December 2011
Empresaria Group plc ("Empresaria" or the "Company")
Acquisition of further stake in subsidiary
Empresaria, the Aim quoted staffing specialist, announces the acquisition of a further 35 per cent shareholding in PT Monroe Consulting Group ("MCI"), a subsidiary of the Company based in Indonesia (the "Acquisition"). Following the Acquisition, Empresaria is the beneficial owner of 90 per cent of the issued share capital of MCI.
MCI is a leading provider of human resource capital in Indonesia and forms part of the Monroe group of companies operating in the South East Asian Region, with offices in Indonesia, Singapore, the Philippines and Thailand.
The total consideration for the Acquisition, which is being made pursuant to the original shareholders agreements entered into with the minority shareholders of MCI, is up to a maximum of IDR 6.9 billion (£0.5 million). Initial consideration of IDR 6.2 billion (£0.4 million) is payable immediately and deferred consideration of up to IDR 0.7 billion (£0.1 million) is payable in 2012 contingent on certain performance criteria being met. The Directors have decided to satisfy the consideration for the Acquisition in cash.
In the year ended 31 December 2010, MCI generated revenue of IDR 15 billion (£1.1 million) and profit before tax of IDR 6.1 billion (£0.4 million).
For further information contact:
Empresaria Group plc | 01342 711430 |
Miles Hunt, Chief Executive Spencer Wreford, Group Finance Director |
Altium | 0207 484 4040 |
Tim Richardson |
Notes for editors:
About Empresaria
·; Empresaria Group plc (AIM: EMR; Sector: Support Services, Staffing) operates in 18 countries with over 850 internal staff.
·; Empresaria Group plc applies a management equity philosophy and business model with each group company management team holding significant equity in their own business.