PT Pusako Tarinka Tbk (JKSE:PSKT) signed an agreement to acquire PT Red Planet Hotel Surabaya from Red Planet Holdings (Indonesia) Limited and PT Crio Indonesia for IDR 80.5 billion in cash on December 13, 2013. PT Pusako Tarinka will pay IDR 30.7 billion to Red Planet Holdings (Indonesia) Limited and IDR 13.2 billion to Crio Indonesia and will pay IDR 36.6 billion for the receivables of PT Red Planet Hotel Surabaya. In related transactions, PT Pusako Tarinka signed sale and purchase agreements to acquire 12 other companies. The transaction will be financed by an offering of IDR 615.8 billion.

The transaction is subject to approval by from shareholders of PT Pusako Tarinka, completion of rights issue of PT Pusako Tarinka Tbk, fulfillment of the Laws and approval from Investment Coordinator Board of Indonesia, approval from creditors of PT Pusako Tarinka Tbk and corporate approval. The transaction has been approved by the shareholder's of PT Pusako Tarinka. The transaction is expected to be closed by June 30, 2014. Kantor Akuntan Publik Kanaka, Puradiredja, Suhartono acted as accountant and PT Saham Raya Registra acted as registrar to PT Pusako Tarinka.

PT Pusako Tarinka Tbk (JKSE:PSKT) completed the acquisition of 99.98% stake in PT Red Planet Hotel Surabaya from Red Planet Holdings (Indonesia) Limited and PT Crio Indonesia for IDR 43.9 billion on June 30, 2014. Red Planet Holdings (Indonesia) Limited sold a 51% stake while PT Crio Indonesia sold a 48.98% stake in PT Red Planet Hotel Tangerang.