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

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 property company to the country's second largest coal mining contractor. In its new guise, Delta Dunia will be 40% owned by private equity firm Northstar Pacific Partners, which essentially used the company as a vehicle...