GMR Infrastructure Ltd (India), through its subsidiary GMR Singapore, will buy 12% stake in PT Golden Energy Mines Limited valued at IDR1.76 trillion, which is released in an initial public offering.
Thus, Golden Mines shares are sold to the public in an IPO will be only 3%, or 176.47 million shares worth IDR441.17 billion. As it is known, Golden Mines will release 882.35 million shares or 15% to the public at a price IDR2,500 per share.
Meanwhile, GMR Singapore will control a total of 30% shares in Golden Mines.Earlier, GMR Singapore has announced the purchase of 18% shares owned by PT Dian Swastatika Sentosa Tbk at Golden Mines worth IDR2.64 trillion.
Dian Swastatika is the holder of 99.99% shares in Golden Mines, before the IPO of Golden Mines.
GMR entered Golden Mines buy purchasing its 18% shares which owned by Dian Swastatika, and 12% shares will be buy from the IPO. Total GMR fund is US$500 million and the public is US$50 million.
GMR announced it would close the funding of new investment in the next few years, aided by Nomura Holdings Inc. as the financial advisor. The proceeds from GMR Singapore will be used to increase the portfolio, and to acquire mines as well as to make direct investments.
Then, the funds will be used as the capital of another subsidiary namely DSSP Power in South Sumatra to work on a 2x150 megawatt power plant project with PLN, which requires funding of US$400 million. Meanwhile, Golden Mines’ IPO proceeds will be used for capital expenditure by 65% in order to increase coal production
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