GMR Infrastructure Ltd has informed BSE that GMR Coal Resources Pte Limited (GCPRL), a Singapore based subsidiary of GMR Energy Limited (Subsidiary of GMR Infrastructure Limited) and PT Dian Swastatika Sentosa TBK (DSS) together hold 97% (GCRPL 30% & DSS 67%) of the issued and paid up capital of PT Golden Energy Mines Tbk (GEMS), a Company incorporated in Jakarta and listed on Indonesia Stock Exchange.
GCPRL and DSS have entered into a Conditional Share Purchase Agreement (SPA) with United Fiber System Limited (UFS), a Company listed on Singapore Stock Exchange. Under this SPA, UFS will acquire the shares held by GCRPL and DSS in GEMS in exchange for allotment and issuance of fully paid shares of UFS to both GCRPL and DSS on completion. As a result of this transaction, GCRPL and DSS will hold about 94.4% (27% by GCRPL & 67.4% by DSS) of the issued and paid up capital of UFS on completion and UPS will hold about 97% of the paid up capital of GEMS. Post the necessary regulatory and shareholder approvals, the transaction is likely to be consummated in the fourth quarter of the current financial year.
UPS being listed on Singapore Stock exchange provides significant benefits to GMR Energy Limited by way of better investor appetite and higher liquidity. This will also serve as a long term and global platform for GCPRL and DSS to expand the coal mining business.