Indonesian mining firms stage reverse takeover of China Bearing
A group of Indonesian mining companies are staging a reverse takeover of Singapore mainboard-listed China Bearing.
China Bearing told the Singapore Exchange on Monday night that it has struck a deal to acquire PT Vasco Nusantara, PT Millennium Danatama Resources and PT Millennium Mining and Resources.
These three firms are controlled by Mr Lim Tahir Ferdian and his family. Mr Lim Tahir Ferdian is also the founder of Indonesian brokerage PT Millenium Danatama Sekuritas.
A reverse takeover is a deal in which an unlisted business is effectively injected into a struggling listed company - China Bearing, in this case - via the issue of shares in return for cash.