Jan 27, 2012

United Fiber buys Golden Mines

Singapore forestry firm United Fiber System Ltd said on Friday it is doing a S$1.5 billion (US$1.2 billion) reverse takeover deal with Indonesian coal miner PT Golden Energy Mines Tbk to refocus its business on coal mining.

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.
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