UniFiber

UniFiber (UFS): GMR Infrastructure said it plans to sell its 30% stake in Indonesian coal company PT Golden Energy Mines (GEMS) to UFS in exchange for its shares in a reverse takeover (RTO) deal. The Bangalore-based infrastructure firm had bought the stake in GEMS last August in a bid to ensure coal availability for its thermal power plants, two of which are expected to start operations this year. An Indonesian firm PT Dian Swastatika Sentosa (DSS) holds 97% in GEMS which currently has 3 coal producing projects in Indonesia assessed to have > 1.93b tonnes of thermal coal resources. As a result of the deal, GMR will get 27% stake in UFS, while DSS will hold 67.4% stake. UFS said that the purchase consideration arrived at for GMR's shares in GEMS is $693m