Mitsui & Co. (Asia Pacific) Pte. Ltd. and Fujimori Kogyo Co., Ltd. (TSE:7917) signed conditional share purchase agreement to acquire 79.42% of stake in PT Champion Pacific Indonesia Tbk (JKSE:IGAR) from PT Kingsford Holdings for IDR 900 billion on June 23, 2016. Mitsui and Fujimori Kogyo will first acquire all of the shares of PT Kingsford Holdings. Kingsford will then make a tender offer for 20.58% of PT Champion Indonesia shares owned by minority shareholders. Kingsford will finance the tender offer through a capital infusion implemented by Mitsui and Fujimori Kogyo, and have equity share ratios of 40% and 60%, respectively. The transaction is pending the approval from OJK and there are legal proceedings, administration that must be resolved. The acquisition is expected to be completed in September or October 2016.

Mitsui & Co. (Asia Pacific) Pte. Ltd. and Fujimori Kogyo Co., Ltd. (TSE:7917) completed the acquisition of 79.42% of stake in PT Champion Pacific Indonesia Tbk (JKSE:IGAR) from PT Kingsford Holdings on August 1, 2016. The consideration was funded from Fujimori Kogyo Co., Ltd.'s own capital.