Sinar Mas Singapore backdoor listing now worth $2.2b

03-Jul-2012 Intellasia | Asiaone | 7:01 AM

The value of Indonesian conglomerate Sinar Mas’s planned backdoor listing of its coal assets in Singapore through a reverse takeover of United Fiber System Ltd has been raised to $2.2 billion.

United Fiber said on Monday a unit of India’s GMR Infrastructure Ltd will sell its 30 per cent stake in Golden Energy Mines Tbk to the Singapore-listed firm in exchange for new United Fiber shares valued at $693.9 million.

United Fiber previously struck a $1.5 billion agreement with Indonesian coal miner PT Dian Swastatika Sentosa Tbk (DSS), to buy a 67 per cent stake in Golden Energy in exchange for new United Fiber shares.

DSS and GMR will control about 65.2 per cent and 29.2 per cent of United Fiber after the deal, the Singapore firm said.

http://business.asiaone.com/Business/News/Story/A1Story20120702-356581.html