Coal miner takeover Indonesia’s Indika Energy said it has reached an agreement to buy a 45% stake in coal producer Kideco Jaya Agung under a deal worth $677.5 million.
Indika Energy will purchase 40% of the shares in the coal miner from Samtan Co., and a further 5% stake from PT Muji Inti Utama, the energy company said in a statement.
Owing to the two deals, Indika Energy will become the coal miner’s majority shareholder, with a stake of 91%. Samtan will retain 9% of the shares in Kideco Jaya Agung.