Delta Dunia boosts free-float to 55% with $385 million sell-down

The upsize option is utilised in full as investors endorse the company's transformation into Indonesia's second largest coal mining contractor, but the price is fixed towards the bottom of the range.

Credence Trust, which was previously the largest shareholder in Delta Dunia Makmur, was able to sell the full 38% of the company that it was seeking to offload through a placement, resulting in an increase of the company's free-float to 55% from 17% before and a total deal size of $385 million.

Credence, which is owned by a private individual, was cashing out the majority of its holdings as part of Delta Dunia's transformation from a small-scale Indonesian...

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