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Wednesday, 11 November 09
NORTHSTAR TAKES 40 PER CENT OF INDONESIAN MINING COMPANY


AltAssets reported that, PT Northstar Pacific Partners, the Indonesian affiliate of US private equity firm TPG, has taken a 40 per cent stake in Indonesian mining company Delta Dunia Petroindo, according to reports. The investment gives the firm a large minority stake in one of the country’s largest coal contractors.

The company also reportedly raised over $383m in an equity placement last week, selling 2.6 billion secondary shares close to the lower end of its price range. Shares sold for 1,400 rupiah ($0.15) a share, the same price as that paid by Northstar.

Both stakes are being sold by major shareholder Credence Trust of Singapore, into which the company’s shareholders placed their stakes last September. The two deals represent one of the largest corporate financing initiatives in Indonesia this year.

At the same, unlisted coal services company
Bukit Makmur Mandiri Utama is reportedly being merged with Delta, effectively listing the country on the Indonesia Stock Exchange.

Last week, TPG teamed up with the Canada Pension Plan Investment Board to acquire IMS Health, one of the world’s leading providers of market intelligence to the pharmaceutical and healthcare industries, in a  $5.2bn buy-out.
Source: AltAssets



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