Arutmin-Bumi Resources merger plan delayed
Thursday, November 22 2001 - 02:19 AM WIB
The planned merger between coal mining firms PT Bumi Resources and PT Arutmin Indonesia will have to be delayed after the former dropped an agenda to obtain approval from its independent shareholders for the plan at the upcoming Nov. 29 extraordinary shareholders meeting, the Tempo daily reported.
But Bumi Resources spokeswoman Ella V. Brizdly dismissed suggestion that the planned merger would be abandoned.
She said that the upcoming shareholders meeting would be focused on seeking the approval of the minority shareholders over the company?s recent deal with BHP Billiton and Bakrie & Brothers Group to acquire 100 percent of Arutmin.
According to capital market ruling, as a publicly-listed company, Bumi Resources must seek independent shareholders approval for the planned merger.
The company initially expected to complete the merger process in the first half of next year. The merger was expected to create a stronger company.(*)