Raiz Invest finalises exit of Indonesian operations

Raiz Invest finalises exit of Indonesian operations

ASX-listed Raiz Invest, a leading investment app, have announced that it has finalised the exit of its Indonesian Joint Venture operations.

In February 2024, Raiz announced that its subsidiary Raiz Invest Australia Limited (RIAL) entered into a binding Conditional Share Purchase Agreement (CSPA) with senior management of the Indonesian business, to transfer RIAL’s entire holding in the Joint Venture.

RIAL has now completed the transaction contemplated by the parties under the CSPA, following necessary approvals being obtained, including at an Extraordinary General Meeting of Shareholders in Indonesia.

The company confirms there was no material divergence from the estimated ‘one-off’ costs incurred during the exit in Q3 FY24, which were previously disclosed to the market at AUD$700,000.

Brendan Malone (pictured), Raiz Invest Managing Director and CEO said, “A transaction involving the transfer of operations to senior local management in Indonesia was a pleasing outcome and in the best interests of the business’s multiple local stakeholders including customers, staff and suppliers. We have now completed a timely, clean and orderly exit of the Indonesian operations, and our focus is now on scaling our core Australian business.”