Bakrie in intensive talks to sell stake in Bumi
Friday, October 17 2008 - 12:59 AM WIB
"Several local and foreign investors are seriously interested in a strategic partnership in Bumi. We are engaged in discussions and expect to make a definitive announcement in this regard very soon," the firm said in a statement on Friday.
The firm did not specify the consortiums but the consortium of state owned mining companies PT Aneka Tambang, PT Tambang Batubara Bukit Asam and PT Timah has voiced readiness to buy the Bumi stake. Local investors such as Djarum Group, Sampoerna family and foreign invesetors such as Avenue Capital, Northstar Capital and Ancora Capital are reportedly intersted in the stake as well.
BNBR is in dire needs of cash to repay its loan amounting US$1.2 billion.
BNBR said it had clinched several deals in the first phase of its "Portfolio Rationalization" program.
Avenue Luxembourg SARL has taken an additional of 15.3 percent strategic stake in IDX-listed property firm PT Bakrieland Development from Bakrie for US$46 million. Sale and purchase agreement (SPA) has been signed by both parties. The deal broght Avenue's ownership in the firm to 30.75 percent.
Longines, through The Royal Bank of Scotland, acquired 5.6 percent of BNBR's shares in IDX-listed plantation firm PT Bakrie Sumatera Plantations Tbk for US$ 10 million.
Bakrie also said the second phase of its rationalization program is now in progress with targets of finalizing agreements to sell its stake in Bumi and IDX-listed telecommunication firm PT Bakrie Telecoms. (Bodega)