TPG Capital and Government of Singapore Investment Corp (GIC). have invested in PT Delta Dunia Makmur, which owns Indonesia's second-biggest coal mining contractor, as they bet on growth for the resources industry.
TPG and GIC, bought non-voting shares in Northstar Tambang Persada Ltd., an investment vehicle which owns 40 percent of Delta Dunia, according to a letter filed to the Indonesian stock exchange, last week.
TPG and GIC bought the shares from Indonesias Widjaya family, which owns Sinar Mas Group, and the previous owners of Delta Dunia, Ashish Shastry.
TPG, GIC and Northstar Equity Partners, a Jakarta-based private-equity firm backed by TPG, are now the only shareholders in the vehicle.
Northstar Tambang Persada's stake in Delta Dunia is worth about $400 million, based on the current market value of the company.
Delta Dunia wholly owns PT Bukit Makmur Mandiri Utama, or Buma, Indonesia's second-largest coal-mining contractor.
GIC is also invested in coal producer PT Adaro Indonesia. Northstar Equity Partners will continue to retain voting rights and a controlling interest in the investment vehicle, according to the letter. Northstar will also still own a stake in the non-voting shares.
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