Carro Picks Up 50% Stake in Unit of Mitra Pinasthika Mustika

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by Yi Wei Wong

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Cairo has bought a 50% stake in the rental unit of Indonesian automotive company Mitra Pinastika Mustika, the two companies said on Monday.

Southeast Asian used-car marketplace has invested 75 million Singapore dollars (US$54.5 million) to become a majority shareholder in rental unit, MPMRent.

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As part of the deal, Cairo will offer Indonesian customers a range of services including an online marketplace, financing, rental, repair and aftersales, the companies said in a statement.
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Suvito Mavarwati, Group Chief Executive Officer, Mitra Pinastika Mustika, said that the partnership will create a one-of-a-kind integrated online and offline automotive ecosystem in Indonesia that provides a complete products and services to our customers.

Cairo is one of the largest automotive marketplaces in Southeast Asia and counts the SoftBank Vision Fund among its investors.

Write to Yi Wei Wong at [email protected]

Credit: www.marketwatch.com /

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