Singapore's forestry firm, United Fiber System Ltd said it has entered a SGD 1.5 billion (USD 1.2 billion) reverse takeover deal with the owner of Indonesian coal miner PT Golden Energy Mines Tbk.

Under the agreement, United Fiber said it will swap 92.8% of its enlarged share capital with 67% stake in Golden Energy, currently owned by PT Dian Swastatika Sentosa Tbk.

United Fiber said the proposed acquisition will result in a change in control of the company and would constitute a very substantial acquisition or a reverse takeover.

(Sourced from Thomson Reuters)