Under an agreement, as quoted by Reuters today, United Fiber will swap 92.8% of its enlarged share capital for a 67% stake in Golden Energy which is currently owned by PT Dian Swastatika Sentosa Tbk.
Golden Energy, part of conglomerate Sinar Mas, will become a subsidiary of United Fiber upon the completion of the deal, the Singapore company said in a statement. It added that it will try to remain listed on the Singapore stock exchange.
Golden Energy listed on the Jakarta stock exchange in November and has a market capitalisation of $1.7 billion. United Fiber has a market value of $76 million.