PT Lautan Luas Tbk (IDX:LTLS) entered into an agreement to acquire 25% stake in PT Taruna Bina Sarana from Pt Petro Energy Indonesia for IDR 45 billion on June 27, 2019. PT Lautan Luas Tbk (IDX:LTLS) will purchase 28.48 million shares. The transaction is subject to approval from the PT Lautan Luas Tbk shareholders. This agreement can be canceled by a written agreement from the selling and buying parties. In the event that Petro intends to cancel this agreement unilaterally, then Petro is obliged to return all the money already paid with a fine of 10% per year calculated from the date of payment of money until the date of cancellation. Refunds and payment of fines must be paid in cash and immediately. PT Lautan Luas Tbk has the right to terminate the agreement if the provisions in this agreement are violated. PT Lautan Luas Tbk (IDX:LTLS) cancelled the acquisition of acquire 25% stake in PT Taruna Bina Sarana from Pt Petro Energy Indonesia on June 27, 2020.