STARWORKS GLOBAL INITIATIVE AND MERGE WITH PT. PASTI BALI
Starworks Global Pte Ltd. (“Starworks”), a Singapore company registered No. 201910630Z, operating as a business accelerator and technology developer.
Starworks has agreed to merge with PT Pasti Bali, a local Indonesian company operating in the Hospitality sector in Bali, Indonesia.
PT Pasti Bali will take an ownership stake in Starworks Global Pte Ltd. Starworks will acquire a majority interest in PT Pasti Bali and will issue up to one billion (1,000,000,000) STARXS Digital Tokens to PT Pasti Bali. The Digital Tokens or Digital Shares are based on the Ethereum ERC 777 platform and are mooted to trade on the StarMEX Digital Exchange in June 2020. Digital Shares will be able to be traded by a network of Starworks Affiliates as OTC Broker Dealers.
The acquisition of shares by Starworks in PT Pasti Bali is further subjected to the rules and regulations of foreign ownership of corporations in the Republic of Indonesia.
It is intended that PT Pasti Bali will apply funds realized from the proceeds of STARXS transactions to the recently announced Bali First Initiative. This is a program to provide funding for businesses operating in the Hospitality & Tourism sector in Bali that are experiencing cash flow difficulties resulting from the global impact of the COVID-19 Pandemic shut down.
Funds would be provided as working capital, to approximately 100 Business enterprises, in amounts of one billion to ten billion rupiah (1,000,000,000 to 10,000,000,000 IDR) interest free and with no repayment or expiry date. A Revenue/Reward scheme will be introduced to provide income to holders of STARXS Digital Shares, which in turn can be converted to cash or used to purchase goods and services at Bali First venues and businesses.