Stamford Law scored the lead role in advising SGX-listed United Fiber System (‘UFS’) in a S$1.5 billion reverse takeover transaction by which UFS will acquire 67% of IDX-listed coal mining Golden Energy Mines (‘GEMS’) from IDX-listed leading energy and infrastructure company, Dian Swastatika Sentosa (‘DSS’).

The proposed acquisition, if it proceeds, will be one of the largest reverse takeovers in Singapore’s corporate history. With thermal coal resources in excess of 1.93 billion tons and thermal coal reserves of approximately 850 million tons, GEMS is the 5th largest Indonesian coal company by reserves and is currently listed on the Jakarta stock exchange with a market capitalisation of US$1.7 billion.

UFS and DSS have signed heads of agreement for the proposed acquisition and target to sign definitive documents before the end of the first quarter of this year.

Leading the Stamford Law deal team are Yap Lian Seng and Elizabeth Kong.