JAKARTA - A company from the Sinar Mas Group, PT Dian Swastatica Sentosa Tbk (DSSA) through its subsidiary, plans to acquire Dampier Coal. The payment value of this action reached 1.35 billion US dollars consisting of three stages, or around Rp. 18.9 trillion (exchange rate of Rp. 14,000 per US dollar).
In an official statement from DSSA, quoted on Tuesday 9 November, the company owned by conglomerate Eka Tjipta Widjaja through its subsidiary, Stanmore Resources Limited, signed a sale and purchase agreement with BHP Minerals Pty Ltd (BHP) through its two subsidiaries, acquiring all of the shares of Dampier Coal ( Qld) Pty Ltd (Dampier Coal).
Meanwhile, the planned share purchase transaction was carried out by Stanmore SMC Holdings Pty Ltd (SMC) which is a subsidiary of Stanmore, and BHP Mitsui Coal Pty Ltd (BMC) which has a planned relationship to acquire 80 percent economic interest with BHP.
Payment for the Proposed Transaction will be made in stages using a combination of internal and external funding. Meanwhile, the first payment terms of US$1.1 billion are due at the completion of the Proposed Transaction.
Furthermore, 100 million US dollars will be due six months after the completion of the Proposed Transaction. Finally, acquisition payments are up to a maximum of 150 million US dollars under a revenue-sharing mechanism if the average selling price is above a certain threshold over a two-year period, and is due within three months after the end of the test period expected in 2024.
"The purchase price will be subject to the usual adjustments at the time of the completion of the Proposed Transaction. Furthermore, the completion of the Proposed Transaction is expected to take place in mid-2022, in which settlement is still subject to the fulfillment of preliminary conditions," wrote DSSA management.
For information, BMC has a metallurgical coal asset mine located in Queensland, Australia, which consists of South Walker Creek and Poitrel mines, with a total metallurgical coal production of around 10 million tons per year and a total reserve of 171 million tons, as well as a coal project. Undeveloped Wards Well coals.
BMC hopes that with the realization of this Proposed Transaction, DSSA, through its subsidiaries, will strengthen its position as one of the business players in the metallurgical coal business in Asia and Oceania which in turn can have a positive impact on shareholders.
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