e-pay Asia buys minority interests in e-pay Indonesia 14:20, Thursday, 1 June 2006
Sydney - Thursday - June 1: (RWE Aust Business News) - e-pay Asia (ASX:EPY) 60-per-cent-owned subsidiary e-pay Malaysia has acquired the remaining 27.3pc stake it does not own in e-pay Indonesia from minority shareholder Franky Prionggo for a total cash consideration of $US1 million plus a dividend payment of $US150,000. E-pay Asia and UK-based e-pay Ltd, the other 40pc shareholder, have agreed to finance the acquisition proportionately via loan facilities amounting to $US1.15m. E-pay Asia will provide its contribution of $US690,000 from its operating cash flows. Following the acquisition, e-pay Asia's direct interest in e-pay Indonesia will remain at 21.2pc with the remaining 78.8pc held via e-pay Malaysia. E-pay Indonesia has recently begun operating profitably and is expected to achieve after tax net profits of $US500,000 for the full year 2006. On a consolidated basis, e-pay Asia expects e-pay Indonesia to contribute $US350,000 to its consolidated earnings after deducting minority interests. E-pay Asia shares were steady at 40c. ENDS
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