PT. Hokindo Properti Investama agreed to acquire PT Rimo International Lestari Tbk (JKSE:RIMO) in a reverse merger transaction on February 3, 2017. Under the terms, PT Rimo International Lestari Tbk will acquire 5.6 million shares, representing 99.99% stake in PT Hokindo Properti Investama, from Teddy Tjokrosapoetro, Benny Tjokrosapoetro, Anne Patricia Sutanto and Ludijanto Setijo and issue shares as the consideration. PT Rimo International Lestari Tbk will acquire 81.1% stake from Benny Tjokrosaputro, 7.2% stake from Teddy Tjokrosaputro, 8.9% stake from Anne Patricia Sutanto and 2.7% stake from Ludijanto Setijo. As of March 2, 2017, If the shareholders of PT Rimo International Lestari Tbk will not fully exercise their rights then the standby buyers which are also the shareholders of PT Hokindo Properti Investama, will subscribe to all unsubscribed new shares by using non-cash payment method through the exchange of their shares in PT Hokindo Properti Investama for the new shares in PT Rimo International Lestari Tbk. Benny Tjokrosapoetro will receive 31.71 billion new shares of PT Rimo International Lestari Tbk in exchange for 4.5 million shares of PT Hokindo Properti Investama, Teddy Tjokrosapoetro will receive 2.81 billion new shares of PT Rimo International Lestari Tbk in exchange for 0.4 million shares of PT Hokindo Properti Investama, Anne Patricia Sutanto will receive 3.52 billion new shares of PT Rimo International Lestari Tbk in exchange for 0.5 million shares of PT Hokindo Properti Investama and Ludijanto Setijo will receive 1.05 billion shares in exchange for 0.15 million shares of PT Hokindo Properti Investama. The transaction was approved by the shareholders of PT Rimo International Lestari Tbk on February 6, 2017. KAP Jamaludin, Ardi, Sumimto & Rekan acted as the accountant to PT Rimo International Lestari Tbk and PT Hokindo Properti Investama. KJPP Suwendho Rinaldy & Rekan and KJPP Antonius Setiady & Rekan acted as appraisers in the transaction.