In furtherance of such change of business purpose, KARW signed a Conditional Sale and Purchase Agreement with PT. PBM Olah Jasa Andal ("PTOJA"), a limited liability company operating in loading and unloading of general cargo and/or container at Tanjung Priok Port, Jakarta, for the acquisition by KARW of one hundred percent (100%) shares of PTOJA. KARW also plans to get a bridge financing to finance its new business activities.
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PT Karwell Indonesia Tbk changes its business purpose
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PT Karwell Indonesia Tbk ("KARW"), an indirect wholly-owned subsidiary of International Container Terminals Services, Inc., submitted today, 21 May 2012, a Disclosure of Information to the Indonesia Stock Exchange and the Capital Market and Financial Institution Supervisory Agency of Indonesia stating that KARW took the necessary steps to change its business purpose from garment and textile to maritime infrastructure and logistic services in order to preserve its business as a going concern.
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