Fujimori Kogyo Co., Ltd. (TSE:7917) and Mitsui & Co. Ltd. (TSE:8031) entered into share transfer agreement to acquire PT Kingsford Holdings for $33 million on June 23, 2016. Fujimori Kogyo will acquire 60% stake and PT Kingsford Holdings will acquire 40% stake in PT Kingsford Holdings.

Fujimori Kogyo will acquire 4.6 million shares in PT Kingsford Holdings. Fujimori Kogyo and Mitsui & Co. will indirectly hold stake in PT Champion Pacific Indonesia Tbk.

PT Kingsford Holdings will then make a tender offer for the remaining 20.58% of PT Champion Indonesia shares owned by minority shareholders. The transaction is expected to close in July, 2016.