SINGAPORE, July 2 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
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)