Indorama Netherlands B.V. agreed to acquire additional 24% stake in PT. Indorama Petrochemicals from PT. Indo-Rama Synthetics Tbk (IDX:INDR) for $55.13 million on May 11, 2018. The transaction will be funded from internal resources. The transaction is subject to approval of the Board of Directors of Indorama Netherlands B.V. and PT. Indo-Rama Synthetics. As of May 11, 2018, Board of Directors of Indorama Ventures Public Company Limited, parent company of Indorama Netherlands B.V. approved the transaction. The transaction is expected to close in the second quarter of 2018. Indorama Netherlands B.V. completed the acquisition of additional 24% stake in PT. Indorama Petrochemicals from PT. Indo-Rama Synthetics Tbk (IDX:INDR) on September 30, 2018.