PT Indo Rama Synthetics Tbk (INDR) stated that it had completed the acquisition of 80% of the ownership of the shares of PT Cikondang Kancana Prima (CKP) from other shareholders on CikodanghoihoiFebruary 24, 2021.

"The completion of this transaction was reached on February 24, 2021," said INDR President Director Vishnu Swaroop Baldwa in an information disclosure submitted by the company to the IDX on Friday (26/2).

On December 23, 2020, the company signed a conditional sale and purchase agreement to take over 80% of the share ownership in CKP from its existing shareholders.

Indo Rama's total investment for this transaction amounted to Rp300 billion, including Rp50 billion provided as interest-bearing loans to affiliates from selling shareholders, which retained earnings will fund.

CKP is a gold mining and processing company located in Cianjur, West Java.