Empresaria Group plc Acquisition of further stake in subsidiary

Empresaria Group plc Acquisition of further stake in subsidiary

Empresaria, the Aim quoted staffing specialist, announces the acquisition of a further 35 per cent shareholding in PT Monroe Consulting Group ("MCI"), a subsidiary of the Company based in Indonesia (the "Acquisition"). Following the Acquisition, Empresaria is the beneficial owner of 90 per cent of the issued share capital of MCI.

MCI is a leading provider of human resource capital in Indonesia and forms part of the Monroe group of companies operating in the South East Asian Region, with offices in Indonesia, Singapore, the Philippines and Thailand.

The total consideration for the Acquisition, which is being made pursuant to the original shareholders agreements entered into with the minority shareholders of MCI, is up to a maximum of IDR 6.9 billion (£0.5 million). Initial consideration of IDR 6.2 billion (£0.4 million) is payable immediately and deferred consideration of up to IDR 0.7 billion (£0.1 million) is payable in 2012 contingent on certain performance criteria being met. The Directors have decided to satisfy the consideration for the Acquisition in cash.

In the year ended 31 December 2010, MCI generated revenue of IDR 15 billion (£1.1 million) and profit before tax of IDR 6.1 billion (£0.4 million).