Vallar Investments UK Limited today launched a tender offer to buy 9.74% stake or 3.40 billion shares of coal miner PT Berau Coal Energy Tbk (BRAU) at Rp540 per share or a total of Rp1.84 trillion.
With a participation of the appointed local brokerage PT Danareksa Sekuritas, the tender offer is scheduled on May 11 to June 3 2011. The cash payment will be settled on June 15. PT Bukit Mutiara, a shareholder of 15.26% stake in Berau Coal is excluded by the tender offer.
The tender is following a majority stake acquisition in Berau Energy by Vallar Plc, now Bumi Plc, at Rp540 per share from Bukit Mutiara, which is owned by Recapital Advisors with Rosan Perkasa Roeslani and Sandiaga Uno as the shareholders.
Post the tender offer, Vallar Investments will own 84.74% shareholding in Berau Energy and Bukit Mutiara owns 15.26%.
Disclosure: No position at the stock mentioned above.
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