PT Cowell Development Tbk (JKSE:COWL) signed the deed to acquire an additional 84.99% stake in PT Satria Pusaka Permata Perkasa from Prime Land Properties Ltd. for IDR 160 billion in cash on April 28, 2014. Under the terms of the deal, 8499 shares are acquired. Following the acquisition, Cowell Development will hold 99.99% stake, or 9999 shares, in Satria Pusaka Permata Perkasa with PT Gama Nusaphala holds the remaining 1 share. Source of funding for the transaction is internal cash of Cowell Development.

As of September 30, 2013, PT Satria Pusaka Permata Perkasa has total assets of IDR 82.5 billion, total equity is negative amount of IDR 4.8 billion and total liabilities of IDR 87.3 billion. KAP Jamaludin, Ardi, Sumimto & Rekan acted as accountant for Satria Pusaka Permata Perkasa. KAP Hadori Sugiarto Adi & Rekan acted as accountant for Cowell Development.

PT Cowell Development Tbk (JKSE:COWL) completed the acquisition of an additional 84.99% stake in PT Satria Pusaka Permata Perkasa from Prime Land Properties Ltd. on April 30, 2014.