PT Sanmas Mekar Abadi entered into conditional sale and purchase agreement to acquire PT Bintang Mahkota Sukses from PT Mitra Investindo Tbk for $3.5 million in cash on November 16, 2015. Sanmas Mekar Abadi will pay $3 million as set out in conditional sale and purchase agreement, and will pay $0.53 million being 70% of the accumulated balance amount paid by Mitra Investindo into the Environment Restoration Fund as at September 30, 2015. Sanmas Mekar Abadi will pay $0.53 million upon completion and subject to local authority approval. The transaction is subject to obtaining the approvals from the Board of Directors and the Board of Commissioners of Mitra Investindo, changing the status of Mitra Investindo to a domestic investment, obtaining the approval of the shareholders of Mitra Investindo and obtaining the approvals from the Board of Directors and the shareholders of Interra Resources Limited. The completion date of the transaction shall be within three working days after the last of the conditions precedent is satisfied or waived, provided that completion shall not take place no later than February 29, 2016. As of December 20, 2016, the transaction was approved by the shareholders of Mitra Investindo. The proceeds will be used for general working capital purposes and for the possible expansion of MITI’s oil and gas operations. Nirboyo Adiputro, Dewi Apriyanti & Rekan acted as valuer in the transaction. PT Sanmas Mekar Abadi completed the acquisition of PT Bintang Mahkota Sukses from PT Mitra Investindo Tbk on January 31, 2018.