PT Ciputra Development Tbk (JKSE:CTRA) agreed to acquire remaining 37.34% stake in PT Ciputra Surya Tbk (JKSE:CTRS) in stock on October 21, 2016. PT Ciputra Surya Tbk shareholders, after the merger becomes effective, will receive 2.13 shares in the surviving company for every 1 share of in PT Ciputra Surya Tbk owned before the merger becomes effective. In the related transaction, PT Ciputra Development Tbk agreed to acquire remaining 43.7% stake in PT Ciputra Property Tbk. After the merger becomes effective, all merging companies will be merged into PT Ciputra Development Tbk, where all activities, business, operations, assets, liabilities, invoices and employees of the merging companies will be legally transferred to PT Ciputra Development Tbk. Employees of PT Ciputra Surya Tbk and PT Ciputra Property Tbk will become employees of PT Ciputra Development Tbk as the surviving company or PT Ciputra Development Tbk subsidiaries. Subsequently, the merging companies will end its legal existence without prior liquidation. Merger will be conducted by Pooling of Interest method. Submission of request for approval to The Minister of Law and Human Rights on the Merger Deed is expected on December 29, 2016. Acquire approval from The Minister of Law and Human Rights on the Merger Deed is expected on December 30, 2016. The transaction is conditional on EGMS approval, obtaining an effective statement from the Otoritas Jasa Keuangan, receipt of approvals from third parties and receipt of approval or consent from the competent authorities including the Directorate General of Tax. Minister of Law and Human Rights planned to be acquired assets on January, 18, 2017, was suspended. Because the transfer of CTRS and CTRP shares cannot be performed on such date. CTRA shareholders know intends to transfer their shares to KSEI’s escrow account from January 19, 2017 to 23 January 2017. Makes & Partners Law Firm acted as legal advisor, Credit Suisse (Singapore) Limited acted as financial advisor, KJPP Rengganis, Hamid & Rekan acted as appraiser for PT Ciputra Development, KJPP Suwendho Rinaldy & Rekan acted as appraiser for PT Ciputra Surya, KAP Purwantono, Sungkoro & Surja acted as an accountant for PT Ciputra Surya and PT Ciputra Development, PT Falcon Solusi Cakrawala acted as tax advisor and Buntario Tigris Darmawa Ng, S.H. acted as notary. Basoeki, Lewi Aga, Bishop, Chris, Del Rosso, Matt, Ginting, Daniel, Hendarta, Nathania, MacDonald, Graeme, Putra, Raditya, Richards, John of Allen of Allen & Overy LLP acted as legal advisors to PT Credit Suisse (Singapore) Limited. PT Ciputra Development Tbk (JKSE:CTRA) completed the acquisition of remaining 37.34% stake in PT Ciputra Surya Tbk (JKSE:CTRS) on January 19, 2017.