PT Mandhala Cipta Purnama signed a conditional share purchase agreement to acquire PT Saban Sawit Subur from PT Provident Agro Tbk (JKSE:PALM), PT Langgam Inti Hibrindo and PT Mutiara Agam for IDR 500 billion on June 24, 2016. PT Mandhala Cipta Purnama will acquire 0.16 million shares from PT Provident Agro, 0.04 million shares from PT Langgam Inti Hibrindo and 2,000 shares from PT Mutiara Agam in the deal. In related transactions, PT Galanggang Maju Bersama signed a conditional share purchase agreement to acquire PT Global Kalimantan Makmur from PT Provident Agro Tbk (JKSE:PALM), PT Sarana Investasi Nusantara and PT Nakau, PT Galanggang Maju Bersama signed a conditional share purchase agreement to acquire Pt Semai Lestari from PT Provident Agro Tbk (JKSE:PALM), PT Sarana Investasi Nusantara, PT Nakau and PT Alam Permai and PT Mandhala Cipta Purnama agreed to acquire PT Nusaraya Permai from PT Provident Agro Tbk, PT Langgam Inti Hibrindo and PT Nakau on June 24, 2016. PT Saban Sawit Subur reported total assets of IDR 514.52 billion, total equity of IDR 7.68 billion and gross revenue of IDR 84.3 billion in the year 2015. The deal is subject to the approval of shareholders of PT Provident Agro Tbk in a meeting to be held on August 18, 2016. As on August 18, 2016, the shareholders of PT PROVIDENT AGRO Tbk approved the deal. The proceeds will be used to provide more capital to finance operations and future expansion of PT Provident Agro Tbk. KAP Tanubrata Sutanto Fahmi & Rekan acted as accountant for PT Provident Agro Tbk, PT Langgam Inti Hibrindo and PT Mutiara Agam. KJPP Nirboyo Adiputro and Dewi Apriyanti & Rekan acted as independent appraisers for PT Provident Agro Tbk. PT Mandhala Cipta Purnama completed the acquisition of PT Saban Sawit Subur from PT Provident Agro Tbk (JKSE:PALM), PT Langgam Inti Hibrindo and PT Mutiara Agam on August 31, 2016.