PT Mitra Investindo Tbk entered into a conditional sale and purchase agreement to acquire 23.44% stake in PT. Benakat Oil from PT Pratama Media Abadi for IDR 71.4 billion on May 20, 2016. As per terms, PT Mitra Investindo shall purchase 77.4 million shares of Benakat Oil. PT Mitra Investindo shall also take PT Pratama Media Abadi’s receivables from Benakat Oil amounting to IDR 31.27 billion. Under the terms of transaction, the first payment of the purchase price amounting to IDR 39.32 billion shall be made within three business days of signing of the agreement; the second part payment of IDR 14.6 billion shall be made within fourteen business days upon signing of signing of the agreement; and the final payment of the balance of IDR 17.5 billion shall be made after all the conditions have been satisfied or otherwise off. The deal will be financed through IDR 53.92 billion from internal cash reserves and remaining IDR 17.45 billion through equity-swap. Upon closing, Interra Resources Limited and its subsidiaries will control 34.11% of PT. Benakat Oil. The completion of the acquisition is subject to conditions, including approval from shareholders of PT Mitra Investindo, seller Board approval, approval from governmental or regulatory bodies including Otoritas Jasa Keuangan, the passing of resolutions from the Board of Directors and the Board of Commissioners of PT Mitra Investindo approving the transaction and execution of the sale share transfer documents by PT Mitra Investindo before an Indonesian notary agreed between the parties, among others. On December 20, 2016 the shareholders of PT Mitra Investindo Tbk approved the deal. The deal is expected to close no later than September 30, 2016. PT Mitra Investindo Tbk (IDX:MITI) completed the acquisition of 23.44% stake in PT. Benakat Oil from PT Pratama Media Abadi on October 24, 2017.