CIC to Participate in Acquiring Delta Dunia

Wandrik Panca Adiguna
Wandrik Panca Adiguna - Bisnis.com 23 Desember 2010  |  04:55 WIB

JAKARTA: Fund manager China Investment Corporation (CIC) will join the consortium of TPG Capital and Government of Singapore Investment Corporation (GIC) to indirectly acquire shares in PT Delta Dunia Makmur Tbk.

Two investment managers knowing about the transaction revealed CIC would probably announce the plan this week or next week. "CIC, TPG Capital, and GIC have run due diligence on Delta Dunia simultaneously. However, CIC needs time to make its final decision. Therefore, TPG and GIC acquired Northstar Tambang Persada Limited [NTP] first," they told Bisnis yesterday. NTP is the owner of 40% shares in Delta Dunia, the holding company of the second largest mining contractor in Indonesia, PT Bukit Makmur Mandiri Utama, which was previously owned by businessperson Johan Lensa. On Saturday morning last week, the consortium of TPG Capital and GIC announced its acquisition of all non-voting interests in NTP from the Widjaja family. However, one Bisnis source confided TPG and GIC acquired all non-voting interests from Sinarmas and the Bakrie Group. "Northstar Equity Partners previously acquired shares in NTP. Following the acquisition, there will be four parties controlling NTP, namely Northstar Equity, TPG, GIC, and CIC. TPG will dispose of some of its shares in NTP to CIC," he said. In NTP, there are two kinds of shares or interests, namely series A interest (voting interest) and series B interest (non-voting interest). Voting interest is controlled by Northstar Equity, while non-voting interest is owned by TPG, GIC, and CIC. "In the consortium, TPG commands the majority shares. TPG, GIC, and CIC will place their representatives in the board of commissioners of Delta Dunia," he said. Director of NTP Glenn T. Sugita yesterday didn't respond to text message that Bisnis sent him to ask for confirmation. CIC has entered a coal company in Indonesia since last year it provided a high-interest loan of US$1.9 billion to PT Bumi Resources Tbk. Over the last four trading days, Delta Dunia share has jumped 14.26% to IDR1,460, creating a market cap of IDR9.91 trillion. Research by UBS Investment Research published on December 6, 2010 showed Delta Dunia share is targeted to increase from IDR1,940 per share to IDR2,230 per share, reflecting lower lending interest rate. "We consider positive the sale of shares in NTP to the third parties since it will provide certainty for the shareholders of Delta Dunia," said an analyst at UBS Felicia Tandiyono in her research. In the morning note published by PT Mandiri Sekuritas yesterday, Delta Dunia was mentioned to produce 3.2 million tons of coal and record 26.8 million bank cubic meters in overburden removal in November 2010. (wiw)

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