JTB Pte. Ltd. agreed to acquire 40% minority stake in PT. Panorama Tours Indonesia from PT Panorama Sentrawisata Tbk (JKSE:PANR), PT Weha Transportasi Indonesia Tbk (JKSE:WEHA) and PT Duta Chandra Kencana for approximately IDR 490 billion on January 30, 2017. JTB will acquire 40% stake in PT. Panorama Tours Indonesia at an offer per share of IDR 10343466. PT Panorama Sentrawisata, PT Weha Transportasi Indonesia and PT Duta Chandra Kencana will sell 34894 shares for IDR 360.9 billion, 11760 shares for IDR 121.6 billion and 850 shares for IDR 8.8 billion respectively. PT. Panorama Tours Indonesia will change its name to Panorama JTB Tours Indonesia as a result of the transaction. Jakarta branch of JTB Corp. will be integrated into PT. Panorama Tours Indonesia after the acquisition is completed. PT. Panorama Tours Indonesia had total assets of IDR 621 billion, revenue of IDR 1862.5 billion, EBIT of IDR 19.3 billion and net profit of IDR 14.9 billion as on September 30, 2016.

The transaction is subject to shareholders approval, approval from Indonesia Investment Coordinating Board, approval from the shareholders of PT Weha Transportasi Indonesia, approval from commissioners of PT Duta Chandra Kencana and approval from PT Bank Central Asia Tbk and PT Bank DBS Indonesia as creditors of PT. Panorama Tours Indonesi. Shareholders of Weha Transportasi Indonesia and Weha Transportasi Indonesia approved the transaction on March 17, 2017. The transaction is expected to be completed on March 24, 2017. KAP Suganda Akna Suhri & Rekan acted as accountant and KJPP Iskandar dan Rekan acted as independent appraiser for PT Panorama Sentrawisata Tbk and PT Weha Transportasi Indonesia.

As on March 24, 2017, PT Panorama Sentrawisata Tbk and PT Duta Chandra Kencana transferred their respective stake in PT Panorama Tours Indonesia to JTB Pte. Ltd. also change its name to PT Panorama JTB Tours Indonesia. Allen & Overy LLP acted as legal advisor to Panorama JTB Tours Indonesia.