Golden Harvest Cocoa Pte. Ltd. agreed to acquire PT Bumi Teknokultura Unggul Tbk (JKSE:BTEK) in a reverse merger transaction on March 15, 2016. PT Bumi signed a memorandum of understanding to acquire Golden Harvest Cocoa Pte. Ltd. on March 18, 2016. PT Bumi will acquire shares and convertible bonds worth of $39.7 million Golden Harvest Cocoa Pte. Ltd. Consideration will be financed with rights offering of the PT Bumi. PT Bumi will use net proceeds of IDR 5300 billion ($405.45 million) for the acquisition. As per the terms of the offer, if the offering is not fully exercised then Bumi Teknokultura will issue shares to Golden Harvest Cocoa. Golden Harvest Cocoa Pte. Ltd. reported total assets of $239.71 million, revenue of $81.59 million and common equity of $37.64 million as of December 31, 2015. The transaction is subject to approval of shareholders of PT Bumi Teknokultura Unggul Tbk. On June 8, 2016 the shareholders of PT Bumi Teknokultura Unggul Tbk approved the transaction.

Suriyanti Binti Mohamed Yusof of Helmi Talib & Co. and Heri Mardani of KAP Amachi Arifin, Mardani and Muliadi acted as accountant for PT Bumi and Willy Djunaydy Kusnanto of KJPP Jennywati, Kusnanto & Rekan acted as independent appraiser for valuation of shares in Golden Harvest Cocoa Pte. Ltd. and Ocky Rinaldy of KJPP Suwendho, Rinaldy & Rekan acted as independent appraiser for valuation on assets of PT Golden Harvest Cocoa Indonesia, subsidiary of Golden Harvest Cocoa Pte. Ltd.