Talks on DSS' share purchase deal extended again
Wednesday, May 1 2013 - 05:23 AM WIB
IDX-listed PT Dian Swastika Sentosa Tbk (DSS) said on Wednesday that the planned share purchase agreement (SPA) by Singapore-based United Fiber System Limited (UFS) and GMR Coal Resources Pte. Ltd was extended again to May 31.
The agreement to extend the talk was reached on April 30.
As previously reported, UFS intended to purchase 67 percent of GEMS issued share capital from DSS and 30 percent from GMR, amounting to S$1.5 billion for DSS and S$693 million for GMR.
DSS, a subsidiary of PT Sinar Mas Tunggal, engages in power and steam generation, coal mining, and trading businesses.
GMR is a subsidiary of GMR Energy Limited, the flagship company of the energy investments of the GMR Group, one of the largest players in the airport infrastructure sector in India.
The GMR Group has made investments in coal mine assets in South Africa, Indonesia and India, which include its strategic investment in GEMS.
GEMS is a limited liability company incorporated in Indonesia and has been in coal mining and trading. GEMS Group is the owner and operator of three coal producing projects in Indonesia, under PT Borneo Indobara, PT Kuansing Inti Makmur and its subsidiaries, and PT Trisula Kencana Sakti.
Editing by Adianto P. Simamora