Resources Global Development's (SGX:V7R) unit, Batubara Development, agreed to sell a 15% stake in Singaraja Putra for 72.15 billion rupiahs (SG$5.8 million), according to a Tuesday filing on the Singapore Exchange.
The sale comprises 9% to Indonesian investor Hapsoro for 43.29 billion rupiahs and 6% to PT Autum Prima Indonesia (PT API) for 28.9 billion rupiahs.
The deal, priced at 1,000 rupiah per share, reflects a 57.5% discount to Singaraja's last traded price but a 276% premium to book value.
Following the sale, Batubara Development's stake in Singaraja will drop to 16.2% from 31.2%. Proceeds will be used for working capital.
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