Buma had backdoor listing through Delta

Coal mining contractor PT Bukit Makmur Mandiri Utama (Buma) studies backdoor listing opportunity through PT Delta Dunia Petroindo Tbk.
The backdoor listing was realized following the acquisition of Buma by Northstar Pacific Partners.
Backdoor listing is the process of go private company to be part of go public company. The transaction could be done through the go public acquisition or certain asset injection to the company with listed stocks at the bourse.
After backdoor listing, Northstar is said to have 51 percent of Delta Dunia shares.
Buma is coal mining contractor established in 1988 by Johan Lensa family.
Formerly, Buma and Berau Coal, the five largest coal mining firm in Indonesia, were affiliated. But, Rizal, the son of tycoon Ibrahim Risjad, possessed Berau and Johan Lensa controlled Buma.
Buma is one of leading players of 20 coal contractor businesses. The company digs areas to search for coal at the mining areas owned by Berau Coal, PT Adaro Indonesia, PT Baiduri Enterprises, PT Lana Harita, PT Kideco Jaya Agung, and PT Trubaindo Coal Mining.
The largest coal contactor is PT Pamapersada Nusantara, the subsidiary firm of PT United Tractors Tbk, PT Astra International Tbk group, which is estimated to have 42 percent market shares.
Delta Dunia was formerly known as PT Daeyu Orchid Indonesia Tbk. Delta Dunia is a company majoring in industry, trade, mining, land transportation, and service.
In the extraordinary general meeting of shareholders (EGMS) on June 30, the company will increase the basic capital as from IDR1 trillion into IDR1.35 trillion.