UFS's Golden Energy pursuit hits snag

FORESTRY and pulp producer United Fiber System's (UFS) proposed acquisition of a 67 per cent stake in Indonesia's Golden Energy Mines Tbk (Golden Energy) has been plunged into doubt because of a failure to meet certain conditions relating to the deal.

UFS had entered into a share purchase agreement (SPA) last July with PT Dian Swastatika Sentosa Tbk (DSS) to purchase the Indonesian company's 67 per cent stake in Golden Energy, the holding company of several Indonesian coal-mining firms, for S$1.88 billion, as well as a 5 per cent bonds issue, worth more than …