UFS Launches Reverse Takeover PT Golden Energy Mines for S$1.5 Billion

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Friday, 27 January 2012 07:17

Written by Patrick Chang

SINGAPORE, Indonesia Today - United Fiber System Limited has launched a reverse takeover on 66.99% shares of PT Golden Energy Mines (GEMS) Tbk for S$1.5 billion.

United Fiber System (UFS) Limited has, on 26 January 2012, entered into legally binding heads of agreement with PT Dian Swastatika Sentosa Tbk (DSSA), in respect of the potential acquisition by the Company of 66.9998 % of PT Golden Energy Mines Tbk (GEMS) from DSS, by way of exchange for new ordinary shares representing approximately 92.7663% of the enlarged issued share capital of the UFS.

The consideration payable by UFS to DSS for the Sale Shares, will be S$1,549,643,677, which will be satisfied by way of issuance and allotment of 44,275,533,621 new ordinary shares of UFS at an issue price of S$0.035 per Consideration Share.

GEMS is the holding company of several coal mining companies in Indonesia and is listed on the Indonesian Stock Exchange in November 2011, where it raised Rp2.2 trillion (approximately US$242.5 million) at an issue price of Rp2,500 per share through its initial public offering late last year.

Based on resource and reserve estimate reports prepared in compliance with the Australasian Joint Ore Reserves Committee (JORC), GEMS and its subsidiaries own thermal coal resources of more than 1.93 billion tons and thermal coal reserves of approximately 849 million tons. (Indonesia Today)

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