Story-i Limited (ASX: $SRY) Business Update

Story-i Limited (ASX: $SRY) has announced that its Indonesian Apple reseller business has been placed under receivership. The business has faced financial challenges, leading to outstanding debt totaling IDR 38.2 billion (AUD3.58 million). The company clarified that these liabilities are confined to PT Inetindo Infocom (PII) and do not impact Story-i directly, as the investment in PII is held through Story-i Pte Ltd, a Singapore investment holding company.

Executive Commentary

The Indonesian Apple reseller business has unfortunately been placed into receivership due to a series of challenges, including trading interruptions caused by COVID, weakened consumer spending, low profit margins, and rising interest rates. The outstanding debt owed by PII to creditors totals IDR 38.2 billion, equivalent to AUD 3.58 million. We are working closely with the appointed receivers to address this situation and are committed to streamlining our operations and identifying new business opportunities. We are also in advanced discussions with a client of Singaporean based Indian Ocean Capital Advisors (IOCA) and are in the late stages of due diligence. We will make an announcement upon executing a binding agreement.

Summary

Story-i Limited (ASX: $SRY) has announced that its Indonesian Apple reseller business has been placed under receivership, with outstanding debt totaling IDR 38.2 billion. The company clarified that these liabilities are confined to PT Inetindo Infocom (PII) and do not directly impact Story-i. The business faced challenges including trading interruptions due to COVID, weakened consumer spending, low profit margins, and rising interest rates. The company is working closely with the appointed receivers to address the situation and aims to streamline its operations while identifying new business opportunities. Additionally, Story-i is in advanced discussions with a client of Singaporean based Indian Ocean Capital Advisors (IOCA) and is in the late stages of due diligence, with plans to make an announcement upon executing a binding agreement.