Indonesian investment firm Armadian Tritunggal is exploring the sale of its majority stake in coal miner PT Berau Coal, in a sale that could value the coal firm at around $1 billion, sources told Reuters.
Tritunggal, which is controlled by Indonesian businessman Rizal Risjad, is seeking advice from Deutsche Bank and Bank of America Merrill Lynch, two sources with direct knowledge of the deal told Reuters. Former Merrill banker Sheldon Trainor is also advising shareholders on the deal, sources said.
Tritunggal may sell its entire 51 percent or a significant part of the stake to potential buyers, one of the sources familiar with the deal told Reuters.
"The whole firm is being valued at between $800 million to $1 billion," said another source familiar with the deal, who also did not want to be identified because the deal is not public.
Berau Coal, Deutsche Bank and Bank of America Merrill Lynch all declined to comment. Risjad was unavailable for comment.
The stake sale plan comes after PT Berau Coal said earlier this year that it may consider an initial public offering provided market conditions improve.
Berau Coal is a joint venture between Tritunggal, Dutch firm dan Rognar Holding B.V. and Japanese firm Sojitz Corp, with the latter two owning 39 percent and 10 percent stakes respectively, according to its website.
Source: Reuters
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