Webuy Global Ltd plans to acquire a 51% stake in PT Tiga Sakti Utama, a leading Indonesian fruit importer, to enhance its presence in the Southeast Asian market.

Target Information

Webuy Global Ltd (Nasdaq: WBUY) has announced its intention to acquire a controlling interest in PT Tiga Sakti Utama (TSU), a prominent importer and wholesaler of fruits located in Surabaya, Indonesia. The proposed acquisition, documented in a non-binding Memorandum of Understanding (MOU), entails Webuy obtaining a 51% equity stake in TSU in return for 800,000 ordinary shares of the company. The deal is contingent upon further due diligence and negotiation of customary closing conditions, with an expectation to finalize a definitive agreement by mid-2024.

In 2022, TSU reported estimated revenues of approximately $15 million and has maintained profitability since its establishment in 2021. TSU holds a significant position in the fruit market, often referred to as the “gateway to the East,” as Surabaya serves as the commercial capital of eastern Indonesia, making it a crucial hub for trade and logistics.

Industry Overview

The Indonesian fruit market is experiencing robust growth, driven by a rapid increase in consumer demand and expanding urbanization. With a population nearing 300 million, Indonesia presents significant opportunities for companies specializing i