Wednesday, March 31, 2010

Finnaly, Bakrie owns Berau

PT Delta Dunia Makmur Tbk announced to purchase mandatory exchangeable bond (MEB) from Recapital Investment Group to acquire majority shares of Berau Coal Energy which can be exercised sometimes in April 11.
Fund to purchase the MEB will come from Delta Makmur 's rights issue in amount of US$1.1bbn at Rp1,400.
Recapital will obtain a substantial stake in Delta Makmur in exchange for Berau Energy shares, the company said in a filing to the Indonesia Stock Exchange today. Berau Energy indirectly owns 90 percent of Berau Coal, it said.
The rights issue value is not too different from the value of the acquisition of a 90% stake in the holding company of Berau Coal, PT Risco, by PT Bukit Mutiara-the business unit of Recapital Advisors-for US$1.52 billion from tycoon Rizal Risjad.
In the acquisition of Berau Coal, PT Bumi Resources Tbk participated by lending money to Bukit Mutiara. Credit Suisse becomes the lead arranger for a US$600 loan lent to Bukit Mutiara to buy Berau.

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