Webuy Global Ltd (NasdaqCM:WBUY) entered into non-binding Memorandum of Understanding to acquire 51% stake in PT. Tiga Sakti Utama for IDR 73.9 billion on December 6, 2023. As a part of consideration, Webuy Global will allot 0.8 million shares with certain lockup arrangement.

PT. Tiga Sakti Utama reported the revenue of approximately IDR 230 billion ($15 million) in 2022. The deal is subject to completion of due diligence.

The parties expect to finalize a definitive agreement in mid 2024.