Chandra Asri Signs Sale and Purchase Agreement of Krakatau Steel's Subsidiary Shares

Chandra Asri has signed a Conditional Shares Sale and Purchase Agreement (CSPA) and Shareholders Agreement (SHA) for two subsidiaries owned by PT Krakatau Sarana Infrastruktur (“PT KSI”), namely PT Krakatau Daya Listrik (“PT KDL ”) and PT Krakatau Tirta Industri (“PT KTI”). The signing of the CSPA and SHA was carried out by the Main Director of PT KSI, Agus Nizar Vidiansyah and the President Director of Chandra Asri, Erwin Ciputra, witnessed by the Main Director of PTKS, Silmy Karim. Chandra Asri is very excited to execute the “programmatic M&A” strategy to position the Company for profitable and sustainable business growth. In the CSPA, it was agreed that Chandra Asri will purchase 70% of PT KSI's shares in PT KDL and 49% of PT KSI's shares in PT KTI with a total value of IDR3.24 Trillion (or US$210 million). Chandra Asri hoped that the cooperation between Chandra Asri and PT KSI Group and PTKS could be better enhanced, and mutually support continuous industrial development in the future.