PYFA Australia Pty Ltd entered into a binding scheme implementation deed to acquire remaining 89.67% stake in Probiotec Limited (ASX:PBP) for approximately AUD 240 million on December 21, 2023. The transaction will be financed from combination of debt and direct or indirect equity contributions. The transaction is subject to regulatory approvals, approval by shareholders of PT Pyridam Farma Tbk and Probiotec Limited and court approvals. As of May 10, 2024, The deal has been approved by Foreign Investment Review Board. The transaction has been approved by the Federal Court of Australia. The transaction is expected to close on June 18, 2024. Canterbury Partners Pty Ltd acted as financial and Arnold Bloch Leibler and Soewito Suhardiman Eddymurthy Kardono acted as legal advisors to Probiotec Limited. Grant Samuel Group Limited and PT Mandiri Sekuritas acted as financial and Ashurst Australia and Armand, Yapsunto, Muharamsyah & Partners acted as legal advisor to PYFA Australia Pty Ltd. Boardroom Pty Limited acted as registrar to Probiotec Limited. Grant Thornton Corporate Finance Pty Ltd, Investment Banking Arm acted as financial advisor to Probiotec.

PYFA Australia Pty Ltd completed the acquisition of remaining 89.67% stake in Probiotec Limited (ASX:PBP) on June 18, 2024. Trading in Probiotec shares on ASX was suspended at the close of trading on June 5, 2024. Probiotec has applied for its removal from the official list of ASX with effect from the close of trading as on June 19, 2024. Jared Stringer and Andrew Phillips have been appointed as new Directors of Probiotec.