Shareholders of Indonesian electricity producer PT Dian Swastatika Sentosa have approved the sale of a 30 percent stake in coal miner PT Golden Energy Mines to an Indian company, The Wall Street Journal reports. The stake is being sold to India’s GMR Energy for $500 million.
Golden Energy’s 18 percent stake will be directly acquired from Dian Swastatika, a unit of the diversified Sinar Mas Group, whereas an additional 12 percent will be bought through Golden Energy’s initial public offering (IPO). Golden Energy Mines is selling 15 percent of its shares in an IPO, which is likely to be concluded by the end of this month.
Click here for the story from The Wall Street Journal.