PT Hotel Mandarine Regency Tbk (JKSE:HOME) signed a binding sale and purchase agreement to acquire an unknown majority stake in PT Warga Tri Manunggal from Roger Morrison and Dolly Saputra for IDR 88 billion on October 8, 2012. Roger Morrison is selling 0.088 million shares for IDR 44 billion and Dolly Saputra is selling 0.088 million shares for IDR 44 billion. Hotel Mandarine will use 87% of the rights proceeds to acquire PT Warga Tri Manunggal. As of June 30, 2012, PT Warga Tri Manunggal reported total assets of IDR 89.02 billion, total equity of IDR 87.17 billion, total liabilities of IDR 1.85 billion and loss before income tax of IDR 216.38 million. The transaction is subject to approval of the general meeting of the selling shareholders, obtaining approval from the authorities in this case Bapepam-LK and the approval of the general meeting of PT Hotel Mandarine Regency Tbk's shareholders.

As of december 3, 2012, All actions and legal actions of PT Hotel Mandarine Regency Tbk and the Board of Directors to make and sign the sale and purchase of shares agreement that has been signed on October 8, 2012 and Amendment of SPA dated October 31, 2012 and to implement all terms and conditions of the agreement which are viewed favorably by the Board of Directors of PT Hotel Mandarine Regency Tbk in order to purchase a majority stake in PT Warga Tri Manunggal.

PT Hotel Mandarine Regency Tbk (JKSE:HOME) completed the acquisition of an unknown majority stake in PT Warga Tri Manunggal from Roger Morrison and Dolly Saputra on January 15, 2013.