UFS, DSS, GMR extend date of share purchase agreement
Tuesday, February 5 2013 - 06:56 AM WIB
IDX-listed PT Dian Swastika Sentosa Tbk (DSS) announced it had reached an agreement with Singapore-based United Fiber System Limited (UFS) and GMR Coal Resources Pte. Ltd. on February 4, 2013 to extend the Long Stop Date in Share Purchase Agreement related to UFS' intent to purchase issued share capital of PT Golden Energy Mines Tbk (GEMS) from DSS and GMR until February 28, 2013.
UFS stated in July last year it intended to purchase 67 percent of GEMS issued share capital from DSS and 30 percent from GMR. The share purchased agreement was initially announced in July last year, in which the purchase consideration for the sale shares 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 through 32 direct and indirect subsidiaries.
DSS started its commercial operations in power and steam generation by operating four power plants located in Tangerang, Serang and Karawang with a total production capacity of approximately 300 megawatts of power and approximately 1,336 tons per hour of steam. DSS is currently undertaking to build a 2 x 150 megawatts coal fired power plant in South Sumatera as commissioned by state owned electricity company.
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 currently has an aggregate power generation capacity of approximately 6,000 megawatts under operation and construction, and has significant future growth plans. Projects under construction include an 800 megawatts power plant in Singapore which is scheduled to commence operations in 2013.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 coal trading. GEMS Group is the owner and operator of three (3) coal producing projects in Indonesia, under PT Borneo Indobara, PT Kuansing Inti Makmur and its subsidiaries, and PT Trisula Kencana Sakti.
Editing by Er Audy Zandri