Apr 11, 2011

Recapital to re-float 15% stake in Berau

Recapital Advisors will sell its share portion by 15% of PT Berau Coal Energy Tbk within 2 years in a bid to increase its free float.
Darren Morris, the founder of Vallas Plc, confirmed Berau Energy will be still listed in Indonesia Stock Exchange.
“Now, the free floating of Berau Energy’s shares are about 10%. Meanwhile, in accordance with capital market in Indonesia, for two years, Recapital will release its share portion of 15%,” he stated in a press conference today.
Today, Vallar Plc has controlled 75% of Berau Energy after obtaining shares transfer on last Friday. Then, out of 10% of total shares are owned by public.
On last Friday, PT Bukit Mutiara, a shareholder of Berau Energy, had transferred 26.17 billion shares of Berau Energy to Vallar with a price at Rp540 per share or Rp14.13 trillion.
The acquisition of 75% shares of Berau Energy was realized through 2 schemes, namely in cash for 35% from Bukit Mutiara and through share exchange for the remaining of shares.

Disclosure: No position at the stock mentioned above.

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