PT Semesta Indah acquired 99.99% stake in PT Nirvana Realty from PT Nirvana Development Tbk (JKSE:NIRO) for approximately IDR 610 billion in cash on December 21, 2015. PT Semesta Indah acquired 6.03 billion shares of PT Nirvana Realty. In related transactions, PT Semesta Indah acquired 99.99% stake in PT Nirvana Hotel & Resort for IDR 12.5 billion and 99.99% stake in PT Nirvana Retailindo for IDR 10.3 billion from PT Nirvana Development Tbk on December 21, 2015. PT Nirvana Development Tbk will no longer be the shareholder of PT Nirvana Realty. PT Nirvana Realty reported total assets of IDR 2.37 trillion as of September 30, 2015. The proceeds from selling shares of PT Nirvana Realty will be used to develop shopping centers. KAP Tanubrata Sutanto Fahmi & Rekan acted as accountant for PT Nirvana Development Tbk and KJPP Ihot Dollar & Raymond acted as public appraiser in the transaction.

PT Semesta Indah completed the acquisition of 99.99% stake in PT Nirvana Realty from PT Nirvana Development Tbk (JKSE:NIRO) on December 21, 2015.