PT Pusako Tarinka Tbk (JKSE:PSKT) signed a sale and purchase of shares and receivables agreement PT Red Planet Hotel Solo from Red Planet Holdings (Indonesia) Limited and PT Crio Indonesia for IDR 71.2 billion in cash on December 13, 2013. Pusako Tarinka will pay IDR 36.97 billion to Red Planet Holdings (Indonesia) for the shares of Red Planet Hotel Solo and IDR 18.41 billion for receivables of Red Planet Hotel Solo, and will pay IDR 15.85 billion to Crio Indonesia for the acquisition of shares of Red Planet Hotel Solo.

The transaction is subject to approval from shareholders of Pusako Tarinka, completion of rights issue, fulfillment of the Laws and Approval from Investment Coordinator Board of Indonesia, approval from creditors and approval from corporate. As on April 17, 2014, the agreement was amended. The transaction is expected to close by June 30, 2014. As of May 21, 2014, the shareholders of Pusako Tarinka have approved the transaction. Kantor Akuntan Publik Kanaka, Puradiredja, Suhartono acted as accountant for Pusako Tarinka. PT Raya Saham Registra acted as registrar for PT Pusako Tarinka Tbk.

PT Pusako Tarinka Tbk (JKSE:PSKT) completed the acquisition of 99.98% stake in PT Red Planet Hotel Solo from Red Planet Holdings (Indonesia) Limited and PT Crio Indonesia on June 30, 2014. Under the deal, Pusako Tarinka acquired 2,550 shares of PT Red Planet Hotels Solo from Red Planet Holding (Indonesia) Limited and 2,449 shares from PT Crio Indonesia.