Delta Dunia acquires Buma for $550m

IDX-listed firm minnow PT Delta Dunia Petroindo announced on Thursday that it had signed deal to acquire mining contractor PT Bukit Makmur Mandiri Utama (Buma) for US$550 million.

Buma Corporate Ricardo Wirjawan said the Conditional Sale and Purchase Agreement for the deal was signed late Wednesday.

Buma is a coal mining contractor which controls 24 percent of Indonesia?s coal mining market, he said. The company was controlled by businessman Johan Lensa.

Transaction is expected to be completed in the fourth quarter of this year.

Barclays Capital acts as the company?s financial adviser in the transaction.

Currently Buma?s clients includes PT Adaro Indonesia, PT Arutmin Indonesia, PT Kideco Jaya Agung, PT Berau Coal, and PT Gunung Bayanpratama Coal.(denny)