PT Sumalindo Hutani Jaya announced a private placement of 357,500,000 common shares at a price of IDR 1,000 per share for gross proceeds of IDR 357,500,000,000 on December 28, 2016. The transaction included participation from existing investor PT Pabrik Kertas Tjiwi Kimia Tbk (JKSE:TKIM). Post the closing, the issued shares increased from 12,002,500 to 369,502,500. The shares were issued at par. Post the closing, the investor maintains its stake of 99.9% in the company. The transaction has been approved by the board of directors of the company.