Bumi becomes majority shareholder in Darma Henwa

Indonesia?s largest coal producer PT Bumi Resources Tbk has become a majority shareholder in PT Darma Henwa Tbk following the acquisition of the integrated mining and energy services company?s 44 percent stake from Zurich Asset Investment, Kontan reported on Friday.

Bumi?s President Director Eddie J. Soebari said in Jakarta on Thursday that Bumi had bought 80 percent of Zurich Asset Investment?s 55 percent stake in Darma Henwa through Goodrich Management Corp.

Under the deal signed in December 23, Bumi had affectively controlled 44 percent of Darma Henwa?s shares.

In a file sent to the Indonesian Stock Exchange, Bumi did not disclose the value of the takeover but it said that it had paid advance payment of Rp 492 billion. The company said it would then pay installment of Rp 359 billion every four months of this year. The remaining Rp 1.56 trillion would be paid up until 2012. (*)