Korea Development Bank agreed to acquire 80.65% stake in PT Tifa Finance Tbk (IDX:TIFA) from Tan Chong Credit Pte. Ltd., PT. TC Auto World Ltd, PT. T Eight Gallery, PT Dwi Satrya Utama and other third party investors for approximately IDR 450 billion on July 6, 2020. As of September 8, 2020, sale and purchase agreement was signed. Under the terms of the agreement, Korea Development Bank will acquire 870.76 million shares of PT Tifa Finance, out of which 480.275 million shares which represent 44.48% stake in PT Tifa Finance, will be acquired from Tan Chong Credit Pte. Ltd., PT. TC Auto World Ltd and PT. T Eight Gallery for IDR 249.74 billion and remaining shares were acquired from PT Dwi Satrya Utama and other third party investors. Post completion, PT Tifa Finance Tbk ceased to be associate of Tan Chong International Limited (SEHK : 693), parent of Tan Chong Credit Pte. Ltd., PT. TC Auto World Ltd and PT. T Eight Gallery.