Holman acts on coal company divestment

Holman Fenwick & Willan has advised on the sale of 30 per cent of Indonesian business PT Bumi Resources’ coal companies to Indian utility giant Tata Power.

The Indonesian coal mining companies are among the top three largest exporting thermal coal mines in the world. The sale was by tender and documents were negotiated in parallel with several bidders, with Tata coming out as the winner.

The final purchase price was approximately $1.3bn (£650m), a figure that included working capital and other adjustments.

Singapore-based partner Alistair Duffield from Holman acted for Bumi, while partner Hayden Dare from Australian law firm Freehills was instructed by Tata.