GMR Infrastructure Ltd

GMR in $547M reverse merger deal for Indonesian coal assets

03 July, 2012

GMR Infrastructure Ltd has struck a $547 million reverse merger deal for its Indonesian coal mining and trading asset PT Golden Energy Mines Tbk (GEMS), which would give the infrastructure group 29.2 per cent stake in the Singapore stock exchange-listed United Fiber System Ltd.


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2 Comments
ajain@naviscapital.com . 5 years ago

So the particular firms GEMS is being reverse merged into a shell entity already listed on SGX to get benefits of listing ?

vivek.sinha . 5 years ago

GEMS is actually a listed company in Indonesia (the fine print, however, is that it got listed last November, 3 months after GMR announced a deal to buy a stake..and bulk of shares issued in IPO was picked by GMR). And the Singapore firm though an old firm is as good as dead so yes, from a broad perspective the deal involves reverse merger with a shell company. Not so much about listing benefit but liquidity and valuation perspective (on the assumption that SGX would give better valuation than IDX) besides getting ‘benefits’ of reverse merger with a loss making company. I would guess there are issues of taxation as well.

GMR in $547M reverse merger deal for Indonesian coal assets

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