Bakrie to cancel shareholding at Bumi Plc for Bumi Resources
Thursday, October 11 2012 - 08:19 AM WIB
The Board of Bumi plc recently stated to have received a proposal from PT Bakrie and Brothers Tbk and Long Haul Holdings Limited (collectively the "Bakrie Group") to cancel their indirect approximately 23.8% shareholding in Bumi, in exchange for an equivalent value of PT Bumi Resources Tbk shares representing 10.3% of the total outstanding share capital of Bumi Resources as presently held through Bumi plc.
In addition, the Bakrie Group has made a conditional proposal to buy back the remaining 18.9% shareholding in Bumi Resources for cash before Christmas 2012.
"The Board is considering the share exchange proposal and will make a recommendation to shareholders. It will also consider the offer to buy back the remaining 18.9% shareholding in Bumi Resources," Bumi plc said in a statement.
The Bakrie Group has further made a conditional proposal to make a cash offer within the next six months for the Bumi's approximately 84.7% shareholding in PT Berau Coal Energy Tbk.
Previously, Bumi plc stated it has deployed an independent investigation unit focusing on the extensive development funds in Bumi Resources and one development asset in PT Berau Coal Energy Tbk, which later marked down to zero in the accounts of Bumi plc as at 31 December 2011, except for one investment with a carrying value of $ US39 million in the consolidated financial statements.
Editing by Er Audy zandri