Golden Energy completes acquisition of Sumatra coal miner
Wednesday, September 21 2016 - 03:13 PM WIB
IDX-listed coal mining firm PT Golden Energy Mines Tbk has completed the previously announced agreement to acquire Sumatra coal miner PT Era Mitra Selaras (EMS).
The company said in a statement that it had on Tuesday signed the sale deed with Glenfield Capital Inc.
The company said in the statement issued on Wednesday that the transaction is valued at US$37 million, entirely financed by internal funds, but did not disclose the size of stake it acquired.
It added that its 99.99 percent subsidiary PT Kuansing Inti Makmur took a minority stake in EMS, which has two subsidiaries operating coal mines located in South and West Sumatra, with total coal reserves of 68 million tons. No further details were provided.
Editing by Reiner Simanjuntak