PT Mentari Pertiwi Makmur agreed to acquire 99.98% stake in PT. Sumalindo Alam Lestari from Sumalindo Lestari Jaya tbk PT (JKSE:SULI) for IDR 330 billion on October 30, 2012. Mentari Pertiwi Makmur paid IDR 50 billion as down payment on October 30, 2012.

The remaining funds will be paid by Mentari Pertiwi when the final sales and purchase agreement has been signed. Mentari Pertiwi Makmur will acquire 0.23 million shares of Sumalindo Alam Lestari. After the completion all the employees would laid off.

The transaction is subject to approval of forestry minister and approval of shareholders of Sumalindo Alam Lestari and Sumalindo Lestari Jaya. The approvals must be obtained by December 31, 2012. Sumalindo Lestari Jaya will use 48% of the funds to pay off loans, 22% as working capital, 15% as capital expenditure and the remaining 15% to finance its human resources reorganization and to settle its obligations to its employees.

As of February 4, 2013, the deadline for the transaction has been extended until March 31, 2013. As of February 21, 2013, the transaction has been approved by the shareholders of PT Sumalindo Lestari Jaya at a meeting held on February 20, 2013.