Bumi denies selling down Berau stake

London-listed Bumi Plc denied a report that it has sold part of its stake in Berau Coal, the part-owned unit which it hopes to merge with coal miner Bumi Resources to create a coal arm and simplify its structure.

Bumi Plc owns 29 percent of Bumi Resources and 85 percent of Berau

"No part of the Berau stake has been sold by Bumi Plc," a spokesman for the group said as quoted by Reuters.

Samin Tan, chairman of Bumi Plc, said earlier this year he envisaged Bumi Resources and Berau coming together, and chief executive Nalin Rathod said in May that he expects to update the market on efforts to streamline the structure by year-end.

Bumi Plc is one of the world's largest exporters of thermal coal, supplying China , India and Japan. (*)