Jakarta - Garibaldi Thohir plans to take over 3.5 billion shares (49.23%) of PT Trimegah Sekuritas Indonesia Tbk from  Advance Wealth Finance Ltd.

The ongoing process of negotiating the plan marked the step. In connection with the negotiation process, on October 1, 2021, Garibaldi Thohir and Advance signed a non-binding term sheet.

"Negotiations are carried out directly by us with the seller. Completion of the takeover plan will be subject to the results of due diligence carried out by the prospective new controller and will be implemented in the event that the parties have reached a final agreement on all aspects," Garibaldi said in an official statement on Tuesday (5/10).

The purpose of this plan is for investment and business development in the Indonesian capital market.

Once the company realizes the proposed transaction, then Garibaldi Thohir will become the new shareholder of Trimegah.