Oct 4, 2010

TPG, GSIC to boost stakes in DOID

One of the world's largest private equity Texas Pacific Group (TPG) and Government of Singapore Investment Corporation (GSIC) are in talks with Sinarmas Group to enlarge stakes in Northstar Tambang Persada Pte Ltd (NTP), controlling shareholder of PT Delta Dunia Makmur Tbk (DOID).
A source familiar with the matter said NTP controls 40% stakes in Delta Dunia, parent company of Indonesia's second largest coal mining contractor PT Bukit Makmur Mandiri Utama (BUMA), and public shareholder holds the remaining stakes.
"TPG teams up with GSIC to boost stakes in NTP by acquiring shares from Sinarmas Group. I heard that consortium of TPG and GSIC could buy the stakes above Rp1,200 per share," the source said.
According to the source, NTP is controlled by two major shareholders, TPG and Sinarmas Group. "I don't know the exact stakes now owned by TPG and Sinarmas Group."
Delta Makmur Director Ariani Vidya Sofjan said Delta Dunia's management hasn't obtained any information about such shares sale.
"That is domain of share holders. But for sure, Northstar remains voting rights holder in Delta Dunia," she said. Delta Dunia today climbed 0.91% to Rp1,110 per share, sending a market capitalization of Rp7.54 trillion.

Disclosure: No position at the stock mentioned above.

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