Indonesia's top phone distributor PT Erajaya Swasembada
has bought a 30 percent stake in mobile content provider Inovidea Magna Global from its owner Kingsville Union Ltd as part of its business expansion strategy.
Erajaya bought the stake for 750 million rupiah ($78,200), it said in a statement to the Indonesian stock exchange on Thursday.
Jakarta-based Inovidea develops internet, games and mobile applications.
Post the deal, Kingsville will own 69 percent of Inovidea, while the latter's CEO will hold 1 percent.
Shares of the phone retailer were down 2.38 percent at 2,050 rupiah, while the broader index was up 0.29 percent.
1305 (0605 GMT) ($1 = 9,585 rupiah)
(Reporting by Andjarsari Paramaditha; Editing by Prateek Chatterjee)
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Keywords: MARKETS INDONESIA STOCKSNEWS/ERAJAYA