PT Surya Indah Muara Pantai entered into a conditional shares purchase agreement to acquire 80.54% stake in PT Rig Tenders Indonesia Tbk (IDX:RIGS) from Scomi Marine Services Pte. Ltd. for $9.5 million on August 26, 2021. Under the terms of the transaction, PT Surya Indah Muara Pantai will acquire 490.597 million shares for $0.0194 in cash. PT Surya Indah Muara Pantai shall transfer a deposit of 10% of the consideration amounting to $0.95 million to the bank account of PT Surya Indah Muara Pantai. There are no liabilities including contingent liabilities and/or guarantees, to be assumed by Scomi Marine Services Pte. Ltd. or Scomi Energy Services Bhd. (SESB) parent of Scomi Marine Services Pte. Ltd. The transaction is subject to corporate and regulatory approvals, stock exchanges, Securities Commission of Malaysia, third party approval and approvals from the shareholders of PT Surya Indah Muara Pantai, Boards of Directors and shareholders of SESB. The Board of Directors of SESB is of the opinion that the transaction is in the best interest of SESB. The transaction is expected to be completed in the fourth quarter of 2021. The disposal consideration will be used for repayment of debt facilities and working capital. The transaction will not have any effect on the shareholdings of the substantial shareholders and issued share capital of SESB as it does not involve the issuance of shares in SESB and loss on disposal. The Disposal Consideration of $9.5 million shall be utilized for Repayment of debt facilities, Working capital and Estimated expenses in relation to the Proposed Disposal. Extraordinary General Meeting of Scomi Energy Services Bhd will be held on October 20, 2021. The transaction is expected to be completed by end of November 2021. M&A Securities Sdn acted as the financial advisor for SESB.