Sell-down in Indonesia's Delta Dunia could raise $460 million

The existing controlling shareholder looks to trim his stake to 5% as Delta Dunia moves ahead with the Buma acquisition that will transform it into a coal mining contractor under the control of private equity firm Northstar.

Delta Dunia Makmur, the Indonesian property company that has teamed up with private equity firm Northstar Pacific Partners to acquire the country's second largest coal mining contractor, has launched a share placement that could increase the group's free float to as much as 55% from 17% today.

The deal will see Delta Dunia's largest shareholder, Credence Trust, sell at least 24% of the company to investors, and potentially as much as 38% if the upsize option is used in full....

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