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 for IDR 1.5 trillion on June 24, 2016. PT Galanggang will acquire 1.01 million shares from PT Provident Agro, 0.58 million shares from PT Sarana and 0.61 million shares from PT Nakau. In related transactions, PT Galanggang Maju Bersama agreed to acquire PT Semai Lestari from PT Provident Agro Tbk, PT Sarana Investasi Nusantara, PT Nakau and PT Alam Permai, and 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. PT Global Kalimantan Makmur reported total assets of IDR 965.91 billion, total equity of IDR 330.57 billion and gross revenue of IDR 337.48 billion in the year 2015. As on August 18, 2016, the shareholders of PT PROVIDENT AGRO Tbk approved the deal. KAP Tanubrata Sutanto Fahmi & Rekan acted as accountant for PT Provident Agro Tbk, PT Sarana Investasi Nusantara and PT Nakau. KJPP Nirboyo Adiputro and Dewi Apriyanti & Rekan acted as independent appraisers for PT Provident Agro Tbk.