Sinar Mas Singapore backdoor listing now worth $1.7 bln

SINGAPORE, July 2 Sun Jul 1, 2012 8:52pm EDT

SINGAPORE, July 2 (Reuters) - The value of Indonesian conglomerate Sinar Mas's planned backdoor listing of its coal assets in Singapore through a reverse takeover of United Fiber System Ltd has been raised to S$2.2 billion ($1.74 billion).

United Fiber said on Monday a unit of India's GMR Infrastructure Ltd will sell its 30 percent stake in Golden Energy Mines Tbk to the Singapore-listed firm in exchange for new United Fiber shares valued at S$693.9 million ($547.8 million).

United Fiber previously struck a S$1.5 billion agreement with Indonesian coal miner PT Dian Swastatika Sentosa Tbk (DSS) , to buy a 67 percent stake in Golden Energy in exchange for new United Fiber shares.

DSS and GMR will control about 65.2 percent and 29.2 percent of United Fiber after the deal, the Singapore firm said. ($1 = 1.2668 Singapore dollars) (Reporting by Charmian Kok; Editing by Kevin Lim)

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