Bumi moves closer for divorce from Bakrie

By Ruli Setiawan

London-listed coal miner Bumi Plc announced that investors are scheduled to vote on the proposed separation from the Indonesian Bakrie family at a shareholders meeting in the week of December 16, with the transaction set for completion in January.

The company, which has been dragged by dispute between founding shareholders Nathaniel Rothschild and the Bakrie family, said in a statement Friday that Chairman Samin Tan has finally satisfied a condition to buy out Bakrie?s 23.8 percent stake in Bumi.

As part of the complex two-stage break-up deal, Bumi will sell its 29 percent shares in IDX -listed coal mining giant PT Bumi Resources Tbk to the Bakries for US$501 million. If the separation is realized, Bumi will be left with a 76 percent stake in Berau Coal Holdings, another Indonesia-based coal group.

A meeting to vote on the separation plan was initially set for December 4, but Bumi decided to delay it because Samin Tan missed a deadline to provide proof of financing the acquisition of Bumi stake.

Editing by Reiner Simanjutak