PT Galanggang Maju Bersama signed a conditional share purchase agreement to acquire Pt Semai Lestari from PT Provident Agro Tbk (JKSE:PALM), PT Sarana Investasi Nusantara, PT Nakau and PT Alam Permai for IDR 600 billion on June 24, 2016. PT Galanggang Maju Bersama will acquire 95,000 shares from PT Provident Agro Tbk, 2,040 shares from PT Sarana Investasi Nusantara, 1,000 shares from PT Nakau and 1,960 shares from PT Alam Permai in the deal. In related transactions, PT Galanggang Maju Bersama signed a conditional share purchase agreement to acquire PT Global Kalimantan Makmur from PT Provident Agro Tbk (JKSE:PALM), PT Sarana Investasi Nusantara and PT Nakau, PT Mandhala Cipta Purnama agreed to acquire PT Saban Sawit Subur from PT Provident Agro Tbk, PT Langgam Inti Hibrindo and PT Mutiara Agam, and PT Mandhala Cipta Purnama agreed to acquire PT Nusaraya Permai from PT Provident Agro Tbk, PT Langgam Inti Hibrindo and PT Nakau on June 24, 2016. PT Semai Lestari reported total assets of IDR 314.63 billion, total equity of IDR 120.53 billion and gross revenue of IDR 52.49 billion in the year 2015. The deal is subject to the approval of shareholders of PT Provident Agro Tbk in a meeting to be held on August 18, 2016. As on August 18, 2016, the shareholders of PT PROVIDENT AGRO Tbk approved the deal. The proceeds will be used to provide more capital to finance operations and future expansion of PT Provident Agro Tbk. KAP Tanubrata Sutanto Fahmi & Rekan acted as accountant for PT Provident Agro Tbk, PT Sarana Investasi Nusantara, PT Nakau and PT Alam Permai. KJPP Nirboyo Adiputro and Dewi Apriyanti & Rekan acted as independent appraisers for PT Provident Agro Tbk. PT Galanggang Maju Bersama completed the acquisition of Pt Semai Lestari from PT Provident Agro Tbk (JKSE:PALM), PT Sarana Investasi Nusantara, PT Nakau and PT Alam Permai on August 31, 2016.