iCandy Interactive Limited (ASX:ICI) signed binding term sheet to acquire 70% stake in PT Joyseed Berbagi Sukses for AUD 0.35 million on May 18, 2018. iCandy Interactive Limited will acquire 70% stake for AUD 0.3 million to be paid in iCandy Interactive Limited's shares and an additional performance based sum of AUD 0.1 million shall be paid upon PT Joyseed Berbagi Sukses achieving AUD 0.35 million as revenue within 2 years. On October 4, 2018, iCandy Interactive Limited entered into a definitive agreement to acquire 70% stake in PT Joyseed Berbagi Sukses from Bernardus Boy Dozan Poerniawan and Joseph Putra Wibawa. Pursuant to the definitive agreement, the consideration shall be wholly satisfied through shares issuance in nine tranches. For the first tranche, iCandy Interactive Limited will issue shares equal to AUD 0.03 million within five business days from the date of agreement becomes unconditional which will be first closing date. For each of second to eighth tranche, iCandy Interactive Limited will issue shares equal to AUD 0.03 million on a quarterly basis, subject to Bernardus Boy Dozan Poerniawan and Joseph Putra Wibawa continuing employment with iCandy Interactive Limited up to the relevant issue date. For the ninth tranche, iCandy Interactive Limited will issue AUD 0.1 million worth of its shares within 10 business days from the date PT Joyseed Berbagi Sukses achieves a performance milestone of AUD 0.35 million in revenue within 24 months from the first closing date (second closing date). For the avoidance of doubt, if PT Joyseed Berbagi Sukses does not achieve the revenue milestone of AUD 0.35 million within 24 months from the first closing date, then the ninth tranche payment will be forfeited. All the consideration shares shall be listed on Australian Stock Exchange. On January 2, 2019, iCandy Interactive Limited entered into a supplemental agreement to acquire 67% stake in PT Joyseed Berbagi Sukses from Bernardus Boy Dozan Poerniawan and Joseph Putra Wibawa for AUD 0.34 million. iCandy Interactive Limited will issue shares as consideration. Upon the first closing date, PT Joyseed Berbagi Sukses shall have maximum of three Directors in its Board of Directors and two Commissioners in its Board of Commissioners whereby iCandy Interactive Limited has the right to appoint up to two Directors and one Commissioner of its choice. iCandy Interactive Limited shall have the right to retain and promote the senior management of PT Joyseed Berbagi Sukses. The completion of transaction is subject to certain conditions including satisfactory due diligence, iCandy obtaining all relevant approvals and consent from its shareholders, if required, obtaining the approval from Australian Stock Exchange, if required, approval of Badan Koordinasi Penanaman Modal Republik Indonesia (BKPM) and Ministry of Law and Human Rights of Indonesia having been obtained, if required and approval of any other relevant governmental or regulatory bodies deemed necessary by iCandy, if required. As of January 2, 2019, all conditions precedent to the agreement have been fulfilled and hence the agreement has become unconditional. As of January 2, 2019, the transaction is expected to be completed within five business days. iCandy Interactive Limited (ASX:ICI) completed the acquisition of 67% stake in PT Joyseed Berbagi Sukses from Bernardus Boy Dozan Poerniawan and Joseph Putra Wibawa on January 4, 2019. On January 6, 2020, iCandy fully paid 0.33 million ordinary share at $0.09 per share, valuing $0.03 million.