The Rajawali Group, controlled by tycoon Peter Sondakh, acquires a project of coal railway for publicly listed PT Perusahaan Tambang Batubara Bukit Asam (PTBA) worth a total of US$1.5 billion.
Rajawali controls the project after it acquires a 100% stake in PT Transpacific Railway Infrastructure (TRI) from owner Suganda Setiadi Kurnia. Next, Rajawali is geared to disburse US$360 million in cash for the project.
TRI controls an 80% stake in PT Bukit Asam Transpacific Railway (BATR), the company that will work on the coal railway project, while PTBA and China Railway Engineering controls a 10% stake each. The signing of share sale transaction with Suganda conducted last week.
Prajogo Pangestu through Thelveton has acquired an 80% stake in TRI from three companies, Coral Moon Resources, PT Handayani Bara Dinamika, and PT Transpacific Investama.
If the total engineering, procurement, and railways project construction value was assumed at US$1.5 billion, including land and other costs, and if the debt to equity ratio was fixed at 70%:30%, Rajawali would disburse US$360 million. The total project value plus the five-year maintenance is IDR44 trillion.
The acquisition of the coal railways project by Rajawali is a follow-up to the sale of a 23.4% stake in PT Semen Gresik Tbk for US$1.1 billion at the end of March.
The acquisition of the coal railways project by Rajawali is a follow-up to the sale of a 23.4% stake in PT Semen Gresik Tbk for US$1.1 billion at the end of March.
Only several weeks after the sale of Semen Gresik, Rajawali enlarges its shares in Archipelago Resources, a London-based gold mining company, from 39.6% to 51.1%. Rajawali bought shares in Baker Steel Funds for 26.22 million pounds.
Last week, Rajawali acquired a 70.85% stake in PT Eatertainment International Plc for IDR12.739 billion. Rajawali will switch the business of Eatertainment from hotel and restaurant to palm oil plantation.
The acquisition was made through affiliation companies, Green Palm Resources Pte Ltd and PT Mutiara Timur Pratama. Mutiara Timur bought a 23.39% stake, while Green Palm acquired a 47.46% stake.
The acquisition by Green Resources and Mutiara Timur led to a change in the controlling shareholders of Eatertainment. Therefore, the company has to organize a tender offer for the remaining public shares.
Tan Tjoe Liang, one of the directors of PT Rajawali Corp and the director of Green Palm and Mutiara Timur, confirmed to conduct the tender offer at a price of IDR230 per share. With 16.65% of public shares remaining, the fund should be prepared is IDR3.064 billion.
Last week, Rajawali acquired a 70.85% stake in PT Eatertainment International Plc for IDR12.739 billion. Rajawali will switch the business of Eatertainment from hotel and restaurant to palm oil plantation.
The acquisition was made through affiliation companies, Green Palm Resources Pte Ltd and PT Mutiara Timur Pratama. Mutiara Timur bought a 23.39% stake, while Green Palm acquired a 47.46% stake.
The acquisition by Green Resources and Mutiara Timur led to a change in the controlling shareholders of Eatertainment. Therefore, the company has to organize a tender offer for the remaining public shares.
Tan Tjoe Liang, one of the directors of PT Rajawali Corp and the director of Green Palm and Mutiara Timur, confirmed to conduct the tender offer at a price of IDR230 per share. With 16.65% of public shares remaining, the fund should be prepared is IDR3.064 billion.
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