Dalma Capital advises GMR Group on its 30% divestment in Indonesia’s PT GEMS for $420 million plus deferred consideration

16 September 2022

Dalma Capital announces today the completion of GMR Group’s 30% divestment in Indonesia’s PT Golden Energy Mines Tbk (“PT GEMS”) to PT Radhika Jananta Raya (“PT RJR”), a subsidiary of PT ABM Investama Tbk (“ABM”), for $420 million plus deferred consideration.

Commenting on the landmark deal for the firm, Mishal Kanoo, a member of the Board of Directors of Dalma Capital, said “Dalma Capital is proud to have advised GMR Group on its divestment in PT GEMS, thereby supporting the Group's initiatives towards  a more sustainable future in the area of green energy," reinforcing their continued strategy of focusing on the core infrastructure business.

Mr. Kanoo further added that “this transaction serves as a display of Dalma Capital’s continued persistence towards bolstering our growing M&A practice, solidifying our position as one of Dubai’s fastest growing independent investment banking practices with robust M&A capabilities and a unique ability to advise on large-scale global transactions in challenging economic environments and industries under the leadership of Dalma’s founder, Zachary Cefaratti.”

About GMR Group:

GMR Group is an India-based global infrastructure conglomerate primarily engaged in the development, maintenance and operations of airports, power generation, highway development, special economic zones, and construction business, including engineering, procurement and construction (EPC) contracting activities. The Group consists of several key companies, including key listed companies like GMR Infrastructure Limited and GMR Power and Urban Infra Limited.

About PT Golden Energy Mines Tbk:

PT Golden Energy Mines Tbk (IDX: GEMS), established on May 13, 1997, is a holding of 18 subsidiary companies and is an Indonesia-based bituminous coal mine operator, owning and operating five coal mining concession areas in Indonesia covering an aggregate area of 66,000 hectares in South and Central Kalimantan, Jambi, and South and West Sumatra. GEMS has been listed on the Indonesia Stock Exchange since November 17, 2011. The Company’s flagship mine, PT Borneo Indobara, located in South Kalimantan, still has 14 years remaining on its concession and approximately 1 billion mt of coal reserves.

About PT ABM Investama Tbk:

PT ABM Investama Tbk (IDX: ABMM) is an Indonesia-based integrated energy company for strategic investment, engaged in providing integrated mining solutions across the mining value chain. ABM provides solutions that focus on four main business units which are coal mining, mining contractor services, integrated engineering services and logistic support. ABM has been listed on the Indonesia Stock Exchange since December 6, 2011.

About Dalma Capital Management Ltd:

Dalma Capital is a global alternative investment management platform and advisor with strong capabilities in investment banking and asset management. Established in 2011 and headquartered in the Dubai International Financial Centre, Dalma Capital has been one of the fastest growing independent financial services businesses in the DIFC. Dalma Capital is authorized and supervised by the Dubai Financial Services Authority (the “DFSA”) under a prudential category 3c license.