AcuBid takes over JDI

AcuBid takes over JDI

JAKARTA (JP): AcuBid.com.Inc of the United States has agreed
to take 90 percent of the outstanding stocks of PT Jaring Data
Interaktif to turn the Indonesian firm into one of the largest
diversified Internet service providers in Asia.

The two companies said in a joint statement on Wednesday that
the transaction created the first Indonesian-American partnership
in the Internet business.

"The new company will be called Asia Web Holding.com," the
statement said, but it did not explain whether the two companies
would establish a new joint venture or just rename JDI.

According to the agreement terms, AcuBid.Com.inc will issue to
JDI shareholders a maximum of 49 million shares of its common
stocks in consideration for 90 percent of the issued and
outstanding stocks of JDI. (hen)