Bakrie rumored to sell stake in Bumi

An Italian firm is currently conducting due diligence to acquire majority stake of JSX-listed coal mining giant PT.Bumi Resources from Bakrie family, Kontan daily reported on Saturday, quoting undisclosed source.

According to the report Bakrie has started selling Bumi?s shares, which it held through several nominees, by about 5 percent. Bakrie currently controlled 50-52 percent of Bumi?s shares.

Bumi?s Commissioner Nalinkant Rathod, however, denied the rumor, saying that it?s not make sense for Bakrie to sell Bumi?s shares.

Another industry source said Bakrie family may sell its stake in Bumi to generate fresh money to expand its other JSX-listed firm PT.Bakrie& Brothers. (*)