PT Exploitasi Energi Indonesia Tbk (JKSE:CNKO) agreed to acquire 99.7% stake in PT Energi Batubara Indonesia from Andri Cahyadi for IDR 2.3 trillion on October 25, 2012. PT Exploitasi Energi plans to issue 4.7 billion new shares, representing 52.59% of its enlarged capital for IDR 2.35 trillion to fund the acquisition of PT Energi Batubara Indonesia. As of December 7, 2012, the shareholders of PT Exploitasi Energi Indonesia have approved the investment of 99.7% shares in PT Energi Batubara Indonesia by using the proceeds raised from PUT II.

PT Exploitasi Energi Indonesia Tbk (JKSE:CNKO) completed the acquisition of 99.7% stake in PT Energi Batubara Indonesia from Andri Cahyadi on January 14, 2013.