Banpu Minerals (Singapore) Pte Ltd, wholly owned Thai Banpu Plc, today announces 8.72% stake sale in publicly listed coal mining company PT Indo Tambangraya Megah Tbk (ITMG) at Rp36,150 per share to institutional investor via a market placement on September 2 2010, snapping up Rp3.56 trillion cash.
Indo Tambang President Director Somyot Ruchirawat, in a public statement today, said the transaction is expected to close on September 7 2010. After the sale, Banpu remains the largest shareholder in Indo Tambangraya with a shareholding of 65%.
According to Banpu's investor statement, the sale will generate proceed to Banpu of approximately US$395 million in a bid to strengthen Banpu's balance sheet.
Disclosure: No position at the stock mentioned above.
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