The deal will see Singapore-based investment holding company United Fiber System Ltd. acquire from Dian Swastatika a 67-percent stake in a coal-mining subsidiary PT Golden Energy Mines Tbk. Dian Swastika will in return receive $1.2 billion in new shares in United Fiber, giving it a 93-percent interest in the company.
The deal is subject to regulatory approval.
Stamford Law and Jakarta-based LasutLay & Partners are respectively acting as Singapore and Indonesian counsels to United Fiber. Leading the Stamford Law team are partners Yap Lian Seng and Elizabeth Kong.
Dian Swastatika is being advised by Latham & Watkins and Jakarta-based Makes & Partners. Latham & Watkins’ team is being led by Singapore-based partner Sin Chei Liang. In November last year, Latham & Watkins also advised Dian Swastatika in the sale of a 30-percent stake Golden Energy Mines to Indian infrastructure company GMR Group for $500 million.