PT Bank Windu Kentjana International Tbk (JKSE:MCOR) signed a conditional sale and purchase agreement to acquire PT Bank Antardaerah from Ahadiat Wargana, Yudo Sutanto Nyoo, Hendra Setiawan, Indrawati and Djasmajuni Njono for Approximately IDR 520 billion on July 1, 2015. Ahadiat Wargana will sell 50% stake, Yudo Sutanto Nyoo will sell 12.98% stake, Hendra Setiawan will sell 11.88% stake, Indrawati will sell 16.01% stake and Djasmajuni Njono will sell 9.13% stake in PT Bank Antardaerah. Bank Windu will be the surviving entity after the transaction. The transaction was financed through a loan from Johnny Wiraatmadja. For the year ended December 2014, PT Bank Antardaerah reported total assets of IDR 1881.13 billion, total equity of IDR 215.04 billion, operational profit of IDR 14.94 billion and profit for the year after tax of IDR 11.27 billion. The deal is subject to approval by the shareholders of Bank Windu at a meeting to be held on November 13, 2015. As of November 12, 2015, it was announced that Bank Windu’s shareholders meeting will be held at a later date. As of December 15, 2015, it was announced that the Extraordinary General Meeting of Shareholders on December 14, 2015 was cancelled. As of December 22, 2015, it was announced that the Extraordinary General Meeting of Shareholders will now be held on December 28, 2015. As of December 28, 2015, the transaction was approved by the shareholders of Bank Windu Kentjana. On June 13, 2016, Financial Services Authority has approved the transaction. As on June 20, 2016, PT Bank Windu Kentjana International Tbk entered into a loan agreement to borrow IDR 500 billion for the acquisition funds of PT Bank Antardaerah. Bank Windu shareholders who do not approve the merger plan may request Bank Windu to purchase their shares at a fair price which registered at the list of Bank Windu Shareholders on September 21, 2016. The buyback price of Bank Windu shares is IDR 170. Gani Sigiro & Handayani acted as an accountant for PT Bank Antardaerah. KAP Purwantono, Sungkoro & Surja acted as an accountant for PT Bank Windu Kentjana International Tbk. KJPP Ruky, Safrudin & Rekan, KJPP Toto Suharto & Rekan and KJPP Asrori & Rekan acted as appraisers, Notaris Eliwaty Tjitra SH acted as notary and Nasoetion & Atyanto acted as legal advisor to PT Bank Windu Kentjana International Tbk. KJPP Ruky, Safrudin & Rekan acted as Public Appraiser of PT Bank Windu Kentjana International. PT Bank Windu Kentjana International Tbk (JKSE:MCOR) completed the acquisition of PT Bank Antardaerah from Ahadiat Wargana, Yudo Sutanto Nyoo, Hendra Setiawan, Indrawati and Djasmajuni Njono on June 24, 2016.