Delta Makmur, the second "Bumi" ?

PT Berau Coal plans to initial public offering and PT Delta Dunia Makmur Tbk will absorb the share. So we can imagine, the metamorfosis Delta Dunia from property company became a mining company. After Delta Makmur take over Berau, the entity will become a big mining company some way like PT Bumi Resources from hotel company became a mining company

Delta Makmur and its ultimate shareholder, Northstar Tambang Persada Pte Ltd, also plans to acquire strategic coal mining contract of PT Darma Henwa Tbk (Dewa) in PT Kaltim Prima Coal and PT Arutmin Indonesia.

Northstar Persada possessed 20 percent of Delta Makmur, and Caceis Bank owns 5 percent of the shares. Delta Makmur has just acquired the second largest coal mining contractor in Indonesia, PT Bukit Makmur (Buma), formerly owned by Johan Lensa, worth US$550 million.

Recapital Advisors eventually accomplished the acquisition of 90 percent shares of PT Berau Coal holding company cost US$1.52 billion

Recapital acquired 90 percent stocks of Berau holding firm through PT Bukit Mutiara. Equity swap is effectively done January. Some 51 percent Berau stocks are owned by PT Armadian Tritunggal, the compnay almost fully owned by Rizal through PT Risco, and Rognar Holding B.V. owns 39 percent Berau shares.
Armadian also owns 12.8 percent Rognar stocks directly. PT Risco will later acquire 87.2 percent Rognar shares through Win-ches-ter(Seychelles) and Aries (Malta). Along with the acquisition of Berau, Recapital plans to have Armadian IPO.
Berau holding firm was formerly Armadian which will sell 30 percent shares to market targeting US$100 million funds. The owner of 51 percent shares of the five largest coal producer nationwide has appointed Bahana Securities as the underwriter. PT Bumi Resources Tbk to provide US$300 million loans to Bukit Mutiara.