DSS completes reverse take-over of UFS
Tuesday, April 21 2015 - 01:29 AM WIB
IDX-listed PT Dian Swastatika Sentosa Tbk (DSS) said it has completed on Monday the acquisition of SGX-listed United Fiber System Ltd (UFS) through the acquisition of 1,978,327,436 new shares issued by UFS with an issue price of S$0.95 per share.
DSS said it has also been compensated with 65,818,033 additional shares with an issue price of S$0.95 per share.
Concurrently on April 20, 2015, DSS has also transferred 66.9998 percent shares of IDX-listed coal mining firm PT Golden Energy Mines Tbk owned by the company to UFS.
As of April 20, 2015, all UFS Mandatory Convertible Bonds have been converted to UFS shares. UFS has also divested Poh Lian Construction (Pte.) Ltd. to Dragonext Limited.
?All conditions precedent under the share purchase agreement have been fulfilled or waived by the company and UFS as of April 20,2015,? DSS said in a statement.
UFS is also in the process of changing its name to Golden Energy and Resources Limited to reflect its new businesses.
DSS said the mentioned shareholding structure will change after UFS has completed the compliance placement in order to fulfill minimum public shareholding of 12 percent.
DSS will become controlling shareholder of UFS with ownership around 94 percent before compliance placement or around 85 percent after compliance placement, and UFS will become controlling shareholder of GEMS with ownership of 66.9998 percent.
DSS has said that the transactions will give added value to shareholders as GEMS will be more known as one of leading coal players in Asia, which may increase access to more competitive funding sources and expand GEMS coal market.
DSS is a subsidiary of the Sinarmas group, engaged in energy and infrastructure businesses. DSS owns and operates four power plants located in Tangerang, Serang, both in West Java, and Karawang, in West Java with total capacity of 300 MW. It is in the final stage of construction of PLTU Sumsel-5 coal-fired power plant with capacity 2 X 150 MW through its subsidiary, PT DSSP Power Sumsel.
GEMS has coal resource more than 2.1 billion tons and coal reserve of 639 tons with concessions located in South Kalimantan, Central Kalimantan, and Jambi. After the share swap, GEMS major shareholders will be UFS and GMR Coal Resources Pte Ltd, a leading group in energy and infrastructure business. UFS will soon change its name to Golden Energy and Resources Limited to reflect its core business.
Editing by Reiner Simanjuntak