ASX listing Raise Investa leading investment app, has announced the finalization of its joint venture in Indonesia.
In February 2024, Raiz announced that its subsidiary Raiz Invest Australia Limited (RIAL) had entered into a binding conditional share purchase agreement (CSPA) with senior management of the Indonesian operation, transferring RIAL’s entire interest in the joint venture.
RIAL has now completed the transaction contemplated by the parties under the CSPA, after obtaining the necessary approvals, including an Extraordinary General Meeting of Shareholders in Indonesia.
The company confirmed there were no material differences from the ‘one-off’ cost estimate incurred in the third quarter of FY24, previously disclosed to the market at AUD$700,000.
Brendan Malone (pictured) Raise Invest The Managing Director and CEO said: “The transaction to transfer operations to local senior management in Indonesia was a good outcome and was in the best interests of the company’s various local stakeholders, including customers, employees and suppliers. “We have now exited our Indonesian operations in a timely, clean and orderly manner and are now focused on expanding our core Australian operations.”