PT Bumi Pangan Asri announced a private placement of 8,000 common shares at a price of IDR 18,750,000 per share for gross proceeds of IDR 150,000,000,000 on September 21, 2016. The transaction will include participation from existing investor PT Sekar Bumi Tbk (JKSE:SKBM). Post the closing, the stake of the investor will be increased from 70% to 78.57% in the company. The transaction is expected to close after the completion of the rights offering of the company.