Mainboard-listed Koufu Group, on Dec 30, entered into an agreement for the sale of its stake in PT Super Tea Indonesia to PT Berkah for a consideration of 4.52 billion rupiah ($424,537).

The consideration for the share sale is equivalent to approximately 55% of the book value of Super Tea Indonesia, based on the unaudited financial statements of the company for the financial period ended Sept 30.

PT Berkah will pay some 2.26 billion rupiah, representing 50% of the total consideration amount upon the signing of the termination agreement. It will pay the remaining 50% in three instalments of 338.7 million rupiah by April 30, 2021, another 564.5 million rupiah by Aug 31, 2021, and the final 1.35 billion rupiah by Dec 31, 2021.

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