Society Pass Unit NextGen Retail Enters Indonesian Market Via Acquisition Of Apple Premium Reseller Inetindo

Society Pass Incorporated's SOPA unit NextGen Retail Inc inked a pact to acquire 95% of Indonesia-based PT Inetindo Info, a wholly subsidiary of Story-I Limited.

NextGen Retail acquires Inetindo with its physical and intangible assets in an all-cash transaction valued at A$2.78 million, equal to approximately $1.85 million.

Inetindo is an Indonesia-based Apple Inc. AAPL Premium Reseller and an electronic gaming retailer for several gaming companies.

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Inetindo employs approximately 300 employees and operates 26 "Story-I" branded Apple stores in 9 cities across Indonesia.

The deal is anticipated to close by September 2023 and is expected to be accretive to SoPa's non-GAAP earnings per share upon close.

Loic Gautier, CEO of NextGen Retail, stated, "The Story-I acquisition is the natural evolution of our Leflair Vietnam business. As we venture out of Vietnam and into the rest of SEA, we will transform how customers access the world's most desirable brands through our integrated omni-channel, online-to-offline retail platform."

Price Action: SOPA shares are trading higher by 9.3% to $0.5135 on the last check Friday.