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Lack of regulatory approval delays J Trust purchase of Indonesian finance firm

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Lack of regulatory approval delays J Trust purchase of Indonesian finance firm

J Trust Co. Ltd. unit J Trust Asia Pte. Ltd. has not yet secured regulatory approval to acquire a 60% stake in Indonesia-based PT. Olympindo Multi Finance.

J Trust Asia is looking to acquire the stake from the owner of Olympindo Multi Finance, Ang Andi Bintoro and his family. In a July 31 release, the company said it has taken time to get approval from Indonesian authorities for the proposed acquisition.

The company had previously announced that it would acquire the stake on July 31.