Kaesang Pangarep, Kevin Nugroho, Erick Thohir completed the acquisition of a 90% stake in PT Persis Solo Saestu.

Kaesang Pangarep, a son of Indonesian President Joko Widodo, Kevin Nugroho, commissioner of the club, and Erick Thohir, State Enterprises Minister completed the acquisition of a 90% stake in PT Persis Solo Saestu, a football team in Indonesia. Kaesang acquired 40% stake, Kevin Nugroho 30%, Erick Thohir 20%. Financial terms were not disclosed. Mr. Kaesang wants to get Persis into the first league of Indonesia’s national football championship, also citing a possibility of an IPO at a later stage.