GMR Infrastructure has announced that GMR Coal Resources (GCPRL), a Singapore based subsidiary of GMR Energy (Subsidiary of GMR Infrastructure) and PT Dian Swastatika Sentosa TBK (DSS) together hold 97% (GCRPL 30% and DSS 67%) of the issued and paid up capital of PT Golden Energy Mines Tbk (GEMS), a company incorporated in Jakarta and listed on Indonesia Stock Exchange.

GCPRL and DSS have entered into a conditional share purchase agreement (SPA) with United Fiber System (UFS), a company listed on Singapore Stock Exchange.

Under this SPA, UFS will acquire the shares held by GCRPL and DSS in GEMS in exchange for allotment and issuance of fully paid shares of UFS to both GCRPL and DSS on completion. As a result of this transaction, GCRPL and DSS will hold about 94.4% (27% by GCRPL & 67.4% by DSS) of the issued and paid up capital of UFS on completion and UPS will hold about 97% of the paid up capital of GEMS. Post the necessary regulatory and shareholder approvals, the transaction is likely to be consummated in the fourth quarter of the current financial year.

Shares of the company gained Rs 0.35, or 1.39%, to trade at Rs 25.50. The total volume of shares traded was 748,687 at the BSE (12.02 p.m., Monday).