Recapital wins bid to buy 90% stake in Berau Coal: Report
Monday, November 30 2009 - 04:22 AM WIB
Investment firm PT Recapital Advisors said Sunday that it signed an agreement to buy a majority stake in PT Berau Coal from the Risyad Salim family's investment firm PT Armadian Tritunggal.
A source close to the deal told Bisnis Indonesia that Recapital agreed to buy a 90% stake in Armadian Tritunggal for $1.5 billion, which in turn owns a 51% stake in Berau Coal.
Recapital's Chief Executive Officer Rosan Perkasa Roeslani confirmed the transaction, without giving details.
"After the signing of agreement on Thursday, the transaction has one month until completion whereby the seller will deliver the purchased shares free and clear in return for cash payment," he added. (*)