PT SMR Utama Tbk (JKSE:SMRU) signed a contract to acquire 99.99% stake in Pt Ricobana Abadi from PT Baramega Prima Lestari and PT Mitra Prima Sukses Abadi for IDR 1 trillion on May 1, 2014. PT SMR Utama Tbk will acquire 7.15 million shares from PT Baramega Prima Lestari at the price of IDR 715.34 billion and 3.02 million shares from PT Mitra Prima Sukses Abadi at the price of IDR 302.37 billion. The parties agreed to close the agreement 3 days following the completion of all the terms and conditions by signing the deed of sale and purchase of shares and PT SMR Utama Tbk will make the payment as agreed. PT SMR Utama Tbk is acquiring 10.18 million shares of Pt Ricobana Abadi. The transaction will be financed by the public offering of PT SMR Utama Tbk. The transaction is subject to approval by third parties including creditors, from the shareholders of the sellers and PT Ricobana Abadi and completion of PT SMR Utama Tbk's public offering. The transaction was approved by shareholders of PT SMR Utama Tbk on June 27, 2014. McMillan Woods of KAP Rama Wendra acted as accountant to Pt Ricobana Abadi and Anwar, Sugiharto & Rekan acted as accountant to PT SMR Utama Tbk.

PT SMR Utama Tbk (JKSE:SMRU) completed the acquisition of 99.99% stake in Pt Ricobana Abadi from PT Baramega Prima Lestari and PT Mitra Prima Sukses Abadi on August 8, 2014.