Ciputra Property Tbk received approval for its planned merger with PT Ciputra Development Tbk after convening an extraordinary general meeting of its shareholders on Dec. 27.

The merger received an affirmative vote from 99.96% of the shareholders present at the meeting. Ciputra Property will either individually, or collectively with Ciputra Surya, merge into PT Ciputra Development, with the latter becoming the sole entity.

The results of the merger vote were released publicly on Dec. 29, with the deed of merger to be signed on Jan. 12, 2017.

The last trading day for Ciputra Property and Ciputra Surya shares in the regular market has been set as Jan. 12, 2017, with Jan. 19, 2017, established as the day these shares will be converted into PT Ciputra Development shares. The Ciputra Property and Ciputra Surya shares will be deregistered on the stock exchange on that same day.

According to the proposed merger plan, one Ciputra Property share will be converted into 0.54 of a PT Ciputra Development share, and each Ciputra Surya share will be exchanged for 2.13 PT Ciputra Development shares.

The three Indonesian developers are part of holding company Ciputra Business Group.

As of Dec. 28, 2016, US$1 was equivalent to S$1.45.