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)