Highland Strategic becomes new controlling owner of Toba Bara
Friday, January 27 2017 - 01:15 AM WIB
Courtesy of Toba
Singapore-based Highland Strategic Holdings Pte Ltd has officially become the new controlling owner of IDX-listed coal mining firm PT Toba Bara Sejahtra Tbk following the transfer of 61.79 percent stake in the latter to the former.
Toba Bara said in a statement on Thursday that PT Toba Sejahtra has already transferred the 61.79 percent shares to Highland Strategic. Toba Sejahtra previously owned 71.79 percent of the issued shares of Toba Bara.
Toba Bara said in the statement that Highland is not affiliated to Toba Sejahtra. No further details were provided.
As has been previously reported, Toba Sejahtra and Highland signed an agreement in November of last year for the acquisition of the Toba Bara stake. There was no information as to the value of the acquisition.
Toba Sejahtera is a diversified business group, founded in 2004 by Luhut Panjaitan, now Coordinating Minister of Maritime Affairs, engaged in four main businesses including coal, oil and gas, power plant, and plantation.
Toba Bara currently has four operating subsidiaries, three of which are in coal mining namely PT Adimitra Baratama Nusantara (ABN), PT Indomining (IM), and PT Trisensa Mineral Utama (TMU) which operate mines located in East Kalimantan.
Editing by Reiner Simanjuntak