Resources Global Development Unit Disposes of Minority Stake in Indonesian Firm; Shares Surge 7%

MT Newswires

01/22

Resources Global Development's (SGX:V7R) subsidiary, Batubara Development, completed the disposal of a 0.73% stake in Singaraja Putra (IDX:SINI) for 14,516 Indonesian rupiahs per share, according to a Wednesday filing with the Singapore Exchange.

Shares of the Singaporean coal mining company surged over 7% in Thursday trading.

Singaraja Putra has a 54% stake in Interkayu Nusantra which is involved in the timber industry, while it also owns a 75% stake in Dwi Daya Swakarya, which has an 80% stake in four coal mining companies.

Meanwhile, the company raised net proceeds of around 37.2 billion Indonesian rupees from the disposal, the filing said.

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