Delta Dunia Makmur surges 3.85% on TPG, GIC buyout

Wandrik Panca Adiguna
Wandrik Panca Adiguna - 20 Desember 2010  |  02:47 WIB

JAKARTA: Coal mining contractor PT Delta Dunia Makmur Tbk (DOID) today surges 3.85% to IDR1,350 per share, following the buyout by TPG Capital and Government of Singapore Investment Corporation (GIC) from Sinarmas and Bakrie Group.

TPG and GIC invested last week in Indonesia's Delta Dunia, which owns the country's second-biggest coal mining contractor PT Bukit Makmur Mandiri Utama (BUMA).TPG and GIC bought non-voting shares in Northstar Tambang Persada Ltd., an investment vehicle which owns 40 percent of Delta Dunia, according to a letter filed to the Indonesian stock exchange on Dec. 18. TPG and GIC bought the shares in Northstar Tambang Persada from Indonesia's Widjaya family, which owns Sinar Mas Group, and the previous owners of Delta Dunia, Ashish Shastry, TPG's head for Southeast Asia said. TPG, GIC and Northstar are now the only shareholders in the vehicle, he said. This is one of the biggest private equity investments in Indonesia, Shastry said, declining to disclose the value of the transaction. Northstar Tambang Persada's stake in Delta Dunia is worth about $400 million, based on the current market value of the company. Indonesia overtook Australia to become the world's biggest exporter of power-station coal in 2005, and prices for the fuel, set annually, rose 40 percent this year, according to Morgan Stanley. (wiw)

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