PT Samindo Resources Tbk agreed to acquire 99.6% stake in PT Mintec Abadi from Samtan USA Inc and Samtan Co., Ltd. for IDR 14.2 billion on August 24, 2012. Samtan USA Inc will sell 100 shares for approximately IDR 290 million and Samtan Co., Ltd. will sell 4880 shares for IDR 13.9 billion. The transaction is expected to complete by October 31, 2012. In related transactions, PT Samindo Resources Tbk agreed to acquire 99.8% stake in PT Trasindo Murni Perkasa and to acquire 99.67% stake in PT Samindo Utama Kaltim.

In order to fund the transaction, PT Samindo Resources Tbk will issue new shares with pre-emptive rights for a total exercise price of new shares at least equal to the transaction value. The rights issue is targeted the proceeds up to IDR 601.6 billion. If the rights issue is not held no later than six months after shares sales purchase agreement is signed, the shareholders of Trasindo Murni, Mintec Abadi and Samindo Utama have agreed to allow the company to seek other funding sources to fund the acquisition, including from banks and other financial institutions.

In the first quarter of 2012, PT Mintec Abadi had revenue of IDR 4.08 billion and net loss of IDR 207.61 million. PT Samindo Resources Tbk will hold a general meeting of shareholders to approve the share issuance no later than December 31, 2012. The transaction is subject to approval from the shareholders of PT Samindo Resources Tbk in general meeting of shareholders. The shareholders of PT Samindo Resources approved the transaction on September 27, 2012. The transfers of the shares will be effective on the date of the signing of the sale and purchase agreement of shares. Tjahjadi & Tamara acted as accountant for PT Samindo Resources Tbk.

PT Samindo Resources Tbk completed the acquisition of 99.6% stake in PT Mintec Abadi from Samtan USA Inc and Samtan Co., Ltd. on October 19, 2012.