Bumi buys another Kalimantan coal asset
Wednesday, January 7 2009 - 01:57 AM WIB
IDX-listed coal miner PT.Bumi Resources announced on Monday that it had closed deal to acquire majority stake at East Kalimantan coal miner PT.Fajar Bumi Sakti (FBS).
The company said that on December 26, 2008, its subsidiary PT.Bumi Resources Investment has signed a Share Purchase Agreement (SPA) with Ancara Properties Limited to acquire 76.9 percent shares in Leap Forward Finance Limited, which indirectly controlled 98.5 percent shares in FBS.
Bumi said it would pay Rp.430 billion (US$=Rp.11, 000) in 12 months and another 2.045 trillion in 24 months provided FBS could meet production target set in the SPA.
According to FBS website, it has three porducing mining concession in Loa Ulung, Kutai Kartanegara regency and in Tabang.
Industry sources said that FBS is controlled by the Bakrie family, which also controls Bumi Resources. (alex)