Business
Society Pass Inc (Nasdaq: SOPA) Subsidiary, NextGen Retail Inc, to Acquire Indonesia’s PT Inetindo Infocom to Create an Online and Offline Electronics and Gaming Retailer in the World’s 4th Most Populous Economy
Acquisition Onboards Approximately US$30 million to Society Pass Revenue Base NextGen Retail Inc (formerly known as Leflair Inc) ventures out of Vietnam and
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[{"type":"text","content":" Acquisition Onboards Approximately US$30 million to Society Pass Revenue Base NextGen Retail Inc (formerly known as Leflair Inc) ventures out of Vietnam and enters the Indonesian market for the first time; creates online and offline retailer in SEA PT Inetindo Infocom acquisition onboards approximately US$30 million of annual revenues to Society Pass Inc. as well as substantial customer base for Society Pass’s Loyalty App SINGAPORE, July 07, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – NextGen Retail Inc (“NextGen Retail”), the online retail arm of Society Pass Incorporated (\"SoPa”) (Nasdaq: SOPA), Southeast Asia’s (SEA) next generation, data-driven, loyalty, fintech and e-commerce ecosystem, today announces that it has entered into an agreement to acquire 95% of PT Inetindo Info (“Inetindo”), a wholly subsidiary of Story-I Limited (“Story-I”). Inetindo is a leading Indonesia-based Apple Premium Reseller and Authorised Education Partner as well as an electronic gaming retailer for several different gaming companies. Click Here (on Securities and Exchange Commission website) to view Form 8-K filing. Subject to Australian Stock Exchange (“ASX”) and Story-I shareholder approvals, anticipated by September 2023, NextGen Retail, formerly known as Leflair Inc, will complete its first acquisition outside of Vietnam in the large and fast growing Indonesian market. Through cross-selling synergies, the Inetindo acquisition will accelerate the growth of SoPa’s other Indonesian businesses, including NusaTrip Inc and Thoughtful Media Inc. NextGen Retail acquires Inetindo with its physical and intangible assets in an all-cash transaction valued at AUD 2.78 million equal to approximately US$1.85 million based on current exchange rates. Operating in Indonesia since 2010, Inetindo employs approximately 300 employees and operates 26 “Story-I” branded Apple stores in 9 cities across Indonesia. As an Apple Authorised Education Partner and Apple Authorised Service Provider, respectively, Inetindo sells Apple devices and solutions to leading international schools and tertiary institutions and repairs Apple products at its service centres. With the easing of COVID restrictions in March 2022, Indonesia’s fast growing middle class and soaring digital adoption have fueled a rebound in online and offline retail traffic back to pre-pandemic levels. Inetind...