NextGen Retail Inc entered into a securities purchase agreement to acquire 95% stake in PT. Inetindo Infocom from Story-I Limited for AUD 2.8 million.

NextGen Retail Inc entered into a securities purchase agreement to acquire 95% stake in PT. Inetindo Infocom from Story-I Limited (ASX:SRY) for AUD 2.8 million on June 30, 2023. Story-I Limited shall pay break up fee of $0.5 million (AUD 0.76 million) if the agreement is terminated or the closing does not occur by October 31, 2023.

NextGen shall pay break up fee of $0.5 million (AUD 0.76 million) if the agreement is terminated or if the closing does not occur on or before ten business days after the conditions have been satisfied. Closing of the transaction is subject to approval of shareholders of Story-I Limited, ASX regulatory review, resignations of PT. Inetindo's officers and directors specifically requested by NextGen, key employees to execute non-competition and non-solicitation agreements, approval from all lenders.

The transaction is expected to complete by September 2023 and is expected to be accretive to Society Pass’s non-GAAP earnings per share upon close.