PT Golden Energy Mines Tbk (JKSE:GEMS) entered into a binding heads of agreement to acquire United Fiber System Ltd. (SGX:P30) in a reverse merger transaction on January 26, 2012. As part of the transaction, United Fiber System Ltd. will issue 44.28 billion new shares, representing 92.77% stake of the enlarged issued share capital to PT Golden Energy Mines Tbk. Acquisition, if it proceeds to completion, will result in a change in control of United Fiber System Ltd. On completion of the deal, existing Directors and Chief Executive Officer of United Fiber System Ltd will resign and they'll be replaced by nominees of PT Dian Swastatika Sentosa Tbk. PT Golden Energy Mines Tbk (JKSE: GEMS) entered into a share purchase agreement to acquire United Fiber System Ltd. (SGX: P30) in a reverse merger transaction on June 29, 2012. The deal is subject to signing of definitive agreement, consummation of due diligence investigation of PT Golden Energy Mines Tbk, completion of share consolidation exercise, approval from shareholders of United Fiber System Ltd and PT Dian Swastatika Sentosa Tbk, parent of PT Golden Energy Mines Tbk, approval from stock exchange, waiver by the Securities Industry Council of Singapore of the obligation of PT Dian Swastatika Sentosa Tbk to make a general offer for all the shares of United Fiber System Ltd, approval by Indonesian Capital Market and Financial Institution Supervisory Agency, approval for extension of long stop date of share subscription agreement of United Fiber System Ltd, restructuring of debt by United Fiber System Ltd and third party approval. Completion will take place within 7 days of satisfaction of all conditions precedent to the transaction. The long stop date of the deal is December 31, 2012. The deal is expected to be accretive to the shareholders of United Fiber System Ltd. United Fiber System Ltd expects to maintain the listing status. The closing date of transaction has been postponed from March 30, 2012 to the date falling three weeks after the earlier of December 31, 2012 or such other date as may be mutually agreed between the parties or the termination of the definitive agreements in relation to the transaction. As of May 5, 2012, the long-stop date for finalisation of definitive documentation in relation to the acquisition has been extended from April 30, 2012 to June 30, 2012. As on February 4, 2013, United Fiber System entered into a supplemental agreement to extend the long-stop date for the satisfaction of the conditions precedent in the agreement for one month from January 31, 2013 to February 28, 2013. Accordingly, the share purchase agreement will terminate if not all of the conditions precedent have been fulfilled or waived by 28 February 2013. As on March 29, 2013, United Fiber System entered into a supplemental agreement to extend the long-stop date for the satisfaction of the conditions precedent in the agreement for one month from March 31, 2013 to April 30, 2013. As on April 30, 2013, United Fiber System entered into a fourth supplemental agreement to further extend the long-stop date for the satisfaction of the conditions precedent in the agreement for additional one month from April 30 to May 2013. DMG & Partners Securities Pte Ltd acted as financial advisor while Yap Lian Seng and Elizabeth Kong of Stamford Law Corporation acted as legal advisors for United Fiber System Ltd. Sin Chei Liang, Marcus Lee and Soh Jing Ting of Latham & Watkins LLP acted as legal advisor for PT Dian Swastatika Sentosa Tbk. LasutLay & Partners acted as legal advisor to United Fiber and Makes & Partners acted as legal advisor to Dian Swastatika Sentosa. Valerie Ong of Rodyk & Davidson LLP acted as the legal advisor for GMR Coal Resources Pte. Ltd.