PT Indonesia Airasia agreed to acquire PT Rimau Multi Putra Pratama TBK in a reverse merger transaction on August 29, 2017. Under the terms, PT Fersindo Nusaperkasa and AirAsia Investment Ltd (shareholders of PT Indonesia Airasia) will subscribe to 5.31 billion shares and 5.1 billion shares respectively in PT Rimau Multi Putra Pratama TBK by way of transferring the IAA Perpetual Securities owned by them. Accordingly PT Fersindo Nusaperkasa and AirAsia Investment will together own 97.96% equity interest in PT Rimau Multi Putra Pratama TBK. The transaction is subject to and conditional upon approvals being obtained from PT Rimau Multi Putra Pratama TBK shareholders; approval from the Minister of Law and Human Rights on the increase of capital of PT Rimau Multi Putra Pratama TBk; approval from Financial Services Authority (Indonesia); approval from Ministry of Transportation, and Indonesian Investments Coordinating Boar for the change composition of capital of PT Indonesia Airasia and change of composition of shareholders in PT Indonesia Airasia; approval from or notification to Minister of Transportation for the change of composition of shareholding in PT Indonesia Airasia, if required; and any necessary corporate approvals required to be obtained by PT Rimau Multi Putra Pratama TBK to enter into and perform the transaction, including but not limited to, an extraordinary general meeting of the PT Indonesia Airasia shareholders. The transaction is not conditional upon any other corporate proposals or schemes of Airasia Berhad and/or AirAsia Investment Limited. The transaction is expected to be completed by the fourth quarter of 2017. Hiswara Bunjamin & Tandjung and Herbert Smith Freehills acted as legal advisors in a transaction. PT RHB Sekuritas Indonesia acted as principal advisor and arranger for the transaction. PT Indonesia Airasia completed the acquisition of PT Rimau Multi Putra Pratama TBK in a reverse merger transaction on December 29, 2017.