Fumakilla Ltd. (TSE:4998) entered into a conditional sale and purchase of shares agreement to acquire remaining 26.36% stake in PT Fumakilla Nomos from Texchem Resources Bhd (KLSE:TEXCHEM) for MYR 19 million on October 13, 2016. Under the terms of the transaction, Fumakilla Ltd acquire 441 shares in PT Fumakilla Nomos and pay MYR 1.9 million, representing 10% of the purchase price on the next day of the agreement and MYR 17.1 million, representing 90% of the purchase price on completion. In a related transaction, Fumakilla Ltd. (TSE:4998) entered into a share sale agreement to acquire remaining stake in Fumakilla Asia Sdn Bhd from Texchem Resources Bhd (KLSE:TEXCHEM) for MYR 61.5 million on October 13, 2016.

Fumakilla Nomos reported profit after tax of IDR 22.18 billion (MYR 6.90 million), net assets of IDR 30.29 billion (MYR 9.42 million) and revenue of IDR 306.63 billion (MYR 95.33 million) for the year ending on December 31, 2015. The transaction is subject to Texchem Resources' shareholders, approval of Badan Koordinasi Penanaman Modal of the Republic of Indonesia, and approvals from the financiers of PT Fumakilla Nomos. The meeting of the shareholders of Texchem Resources will be held on November 25, 2016 to consider the transaction. The transaction was recommended by the Board of Texchem Resources. The Board of Directors of the Texchem is pleased to announce that PTFN has on even date obtained the written approval from Badan Koordinasi Penanaman Modal of the Republic of Indonesia in respect of the change in shareholding in PTFN arising from the proposed disposal of the PTFN Sale Shares by Texchem to Fumakilla Limited. The Board of Directors of the Texchem is pleased to announce that the Texchem has on even date been notified that PTFN has received confirmation and acknowledgement from all its financiers for the change of shareholding in PTFN arising from the proposed disposal of the PTFN Sale Shares by the Texchem to Fumakilla Limited to be carried out. All conditions has been met. The transaction is expected to close in middle of December, 2016. Texchem Resources will use the proceeds to explore business opportunities with reasonable returns to be identified from time to time as opportunities arise. Currency conversion was done through www.oanda.com as of December 31, 2015.

Fumakilla Ltd. (TSE:4998) completed the acquisition of remaining 26.36% stake in PT Fumakilla Nomos from Texchem Resources Bhd (KLSE:TEXCHEM) on December 9, 2016.