JAKARTA: Consortium of TPG Capital and Government of Singapore Investment Corporation Pte Ltd (GIC) has finally completed a purchase of all the non-voting interest in Northstar Tambang Persada Ltd (NTP), a 40% controlling shareholder of PT Delta Dunia Makmur Tbk (DOID) from certain investors or shareholders. In a formal statement sent to management of Delta Dunia dated on December 17 2010, obtained by Bisnis tonight, NTP Director Glenn T. Sugita said Northstar Equity Partners is not one of the selling parties and will continue to retain voting rights and a controlling interest in NTP.TPG Capital is the global buyout group of TPG, a leading private investment firm founded in 1992, with US$48 billion of assets under management.
Government of Singapore Investment Corporation Pte Ltd is a global investment management company established in 1981 to manage Singapore's foreign reserves.
Aldo Perkasa, fund manager at PT Danareksa Investment Management, said the accomplishment of NTP acquisition by TPG Capital consortium should be positive for Delta Dunia, a parent company of Indonesia's largest coal mining contractor PT Bukit Makmur Mandiri Utama (BUMA).
"With TPG Capital back-up, Delta Dunia will have more opportunity and access to funding sources and lower risk perception to corporate governance issue," he said.
Several sources said TOG Capital & GIC has acquired interest in NTP Ltd from Bakrie and Sinarmas Group.On December 3, NTP Pte Ltd has transferred 40% holding in Delta Dunia to British Virgin Island-based company NTP Ltd via crossing transaction at IDR1,100 per share. (wiw)
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