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. Based on the offering price range, the base deal will total between Rp2.187 trillion and Rp2.754 trillion $228 million to $288 million and including the upsize option the deal could be as large as $460...