London-based investment company Vallar Plc, via its subsidiary dubbed Vallar Investments UK Limited, today announced a completion of mandatory cash offer for Indonesian coal miner PT Berau Coal Energy Tbk (BRAU).
Through the cash offer, Vallar has purchased a 9.7% stake or 3.39 billion of additional shares in Berau Coal at Rp540 a share or Rp1.83 trillion in cash.
The cash offer is following the earlier acquisition by Vallar of a 75% interest in Berau on April 8 2011. Accordingly, Vallar's total ownership in Berau as of June 15 2011 is 29.57 billion shares, representing approximately 84.7% of the issued share capital of Berau.
PT Bukit Mutiara, owned by Indonesians Rosan P. Roeslani and Sandiaga Uni, is still holding 7% in Berau Energy and other shareholders own 8.3%.
Disclosure: No position at the stock mentioned above.
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