STOCKS NEWS INDONESIA-Tiphone Mobile jumps on Samsung distributor takeover
Shares in cellphone retailer PT Tiphone Mobile Indonesia Tbk rose as much as 11 percent on Wednesday after the company acquired an official distributor of South Korean gadget-maker Samsung Electronics.
Tiphone acquired a 99 percent stake in Bandung-based PT Poin Multi Media Nusantara (PMMN) for 44.9 billion rupiah ($4.37 million), it said in a statement to the Indonesia stock exchange. PMMN is an official distributor of Samsung cellular handsets in the West Java region.
Shares of Tiphone were up 3.7 percent at 560 rupiah, while the broader Jakarta Composite Index was up 0.51 percent.
1158 (0458 GMT)
($1 = 10,290 rupiah) (Reporting by Andjarsari Paramaditha; Editing by Anupama Dwivedi)
- U.S. war veteran released by North Korea returns home |
- Pennsylvania newlyweds "just wanted to murder someone together:" police
- U.S. ice storm causes blackouts, delays in Texas, Arkansas
- WTO overcomes last minute hitch to reach its first global trade deal
- China's parliament: Japan has "no right to criticize" air defense zone