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akarta: Singapore-based Gallant Venture Ltd. will start the purchase of public shares in Jakarta-listed automotive company PT Indomobil Sukses International (IMAS) following its recent acquisition.

Gallant said that the tender offer would be performed from Tuesday until Thursday next week.

In the purchase commonly known as a tender offer, Gallant will buy 818.52 million shares in IMAS for Rp 5,426 (55 US cents). The total transaction will reach Rp 4.44 trillion ($448.4 million).

The tender offer obligation followed Gallant'€™s recent move of acquiring a 52.35 percent stake in IMAS on May 2 in a transaction totaling Rp 7.8 trillion.

The Indonesia Stock Exchange (IDX) requires a company acquiring a majority stake in a listed firm to purchase the remaining stakes held by the public to release them again in a refloat within two years, at the latest. A minimum refloat is 20 percent, a requirement that aims to prevent a big corporation from holding almost all stakes in a public company.

 Shares in IMAS were unchanged at Rp 5,250 on Monday.