PT Sri Rejeki Isman Tbk (IDX:SRIL) and PT Sinar Pantja Djaja signed an agreement to acquire PT Primayudha Mandiri Jaya from THG Pte Ltd, Tolaram Industries Pte Ltd, Krishna Kumar Agrawal, Manmeet Singh and Arvind Kumar Shankerlal Ladha on December 12, 2017. The purchase agreement is amended on February 6, 2018. In related transaction, PT Sri Rejeki Isman Tbk and PT Sinar Pantja Djaja signed an agreement to acquire PT Bitratex Industries from a group of sellers on December 12, 2017. The combined deal value for both Primayudha Mandiri Jaya and Bitratex Industries is $85 million. The buyers and sellers agree the transfer of shares in two stages. The first phase consists of the transfer of 82% of shares of Primayudha Mandiri Jaya and Bitratex Industries by the sellers to the company and will be executed on February 7, 2018 after the approval of the Investment Coordinating Board (BKPM) related to the transfer of the shares for consideration of $69.7 million and in the second tranche transfer of 18% of shares in each Primayudha Mandiri Jaya and Bitratex Industries to relevant buyers to be completed on March 20, 2018, one business day after the issuance of BKPM approval related to the transfer of these shares. The second tranche consideration of $15.3 million will be made in installments of which $7.3 million is to be paid on March 20, 2018 and remaining will be paid after the purchase price is confirmed by the appraiser. The transaction is subject to approval by the shareholders of PT Primayudha Mandiri Jaya, all necessary regulatory and third party approvals, including approval from Badan Koordinasi Penanaman Modal and bank consents. As of February 7, 2018, the first tranche has been completed.