TPG and GIC to acquire DOID ??

TPG, GSIC in talks to boost stakes in DOID's parent Monday, 04/10/2010 14:06:19 WIBby: Wisnu WijayaJAKARTA: One of the world's largest private equity Texas Pacific Group (TPG) and Government of Singapore Investment Corporation (GSIC) are in talks with Sinarmas Group to enlarge stakes in Northstar Tambang Persada Pte Ltd (NTP), controlling shareholder of PT Delta Dunia Makmur Tbk (DOID).A source familiar with the matter said NTP controls 40% stakes in Delta Dunia, parent company of Indonesia's second largest coal mining contractor PT Bukit Makmur Mandiri Utama (BUMA), and public shareholder holds the remaining stakes."TPG teams up with GSIC to boost stakes in NTP by acquiring shares from Sinarmas Group. I heard that consortium of TPG and GSIC could buy the stakes above IDR1,200 per share," the source told Bisnis today.According to the source, NTP is controlled by two major shareholders, TPG and Sinarmas Group. "I don't know the exact stakes now owned by TPG and Sinarmas Group."Delta Makmur Director Ariani Vidya Sofjan said Delta Dunia's management hasn't obtained any information about such shares sale."That is domain of share holders. But for sure, Northstar remains voting rights holder in Delta Dunia," she said when contacted by Bisnis today.Delta Dunia today climbed 0.91% to IDR1,110 per share, sending a market capitalization of IDR7.54 trillion. Referring to the current price, Delta Dunia is traded at 172.27 times of price to earning ratio.BUMA spent US$115 million capital expenditure (capex) during the first 6 months of 2010, mostly attributed to the purchase of new heavy equipments to support production growth.BUMA, wholly owned subsidiary of Delta Dunia, expects to spend approximately US$180 million of capex in 2010