PT Itama Ranoraya Tbk (IDX:IRRA) entered into a conditional share purchase agreement to acquire a 51% stake in PT Oneject Indonesia on September 30, 2021. Under the terms, the purchase consideration will be carried out in 2 tranches, an initial payment of approximately IDR 200 billion, which is paid at the signing of the agreement and a final payment of the total agreed acquisition price minus the initial payment. The transaction initial consideration funded from the sale of 100 million treasury shares and the final payment will be funded from the issuance of new shares. After the acquisition, PT Itama will become the majority shareholder of PT Oneject with an ownership portion of 51%. PT Itama will seek approval from shareholders for approval of the PT Oneject acquisition and approval for the issuance of new shares (rights issue) in order to finance the acquisition at the extraordinary General Meeting of shareholders to be held in the first quarter of 2022. The transaction is expected to be completed no later than the first half of 2022.