PT Bhuwanatala Indah Permai Tbk (JKSE:BIPP) signed an agreement to acquire 55% stake in PT Putra Asih Laksana from PT Mandiri Mega Jaya for approximately IDR 220 billion on April 17, 2015. PT Bhuwanatala Indah Permai will acquire 2.13 million shares of Putra Asih Laksana at the price of IDR 0.1 million per share. PT Bhuwanatala Indah Permai will make the payment on signing of the sale and purchase deed. The transaction shall be funded through proceeds of public offering of IDR 223.07 billion.

PT Putra Asih Laksana reported total assets of IDR 387.01 billion, total liability of IDR 193 million and total equity of IDR 386.82 billion in 2014. The transaction is subject to approval from creditors, effective letter from OJK for the public offering, approval of shareholders of PT Bhuwanatala Indah Permai Tbk, Putra Asih Laksana and Mandiri Mega Jaya and appraisal report from appointed appraiser. Friso Palilingan of Paul Hadiwinata, Hidajat, Arsono, Ade Fatma & Rekan acted as the accountant, Soemarjono, Herman & Rekan acted as the legal advisor and KJPP Maulana, Andesta & Rekan acted as the public appraiser to PT Bhuwanatala Indah Permai Tbk.