Sinar Mas Singapore backdoor listing now worth $1.7 bln
SINGAPORE, July 2
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)
- Exclusive: Radar data suggests missing Malaysia plane deliberately flown way off course - sources
- Investigators focus on foul play behind missing plane: sources |
- Search for Malaysian plane may extend to Indian Ocean - U.S |
- Russia blocks internet sites of Putin critics
- Russia ships troops into Ukraine, repeats invasion threat |