PT Mitra Gemilang Mahacipta announced a private placement of 3,550 shares at IDR 1,000,000 per share for gross proceeds of IDR 3,550,000,000 on July 15, 2016. The transaction will include participation from existing investor, PT Indonesian Paradise Property Tbk (JKSE:INPP). The transaction is expected to close in December 2016. As part of the transaction, the investor will acquire 14.059406% stake in the increased capital of the company.