Bumi plans to sell three subsidiaries to pay debts

PT Bumi Resources Tbk (BUMI), one of the world?s major coal producers, plans to sell three of its subsidiaries including PT Bumi Resources Minerals (BRMS), PT Fajar Bumi Sakti (EBS), dan PT Pendopo Energi Batubara (PEB) to raise funds for the payment of the company?s maturing debts, Investor Daily reported on Thursday.

Bumi?s Director and Corporate Secretary Dileep Srivastava said in Jakarta on Wednesday that a number of companies had indicated their interest to take over the companies ?But we could not yet disclose their names,? he said.

Dileep also declined to unveil the percentage of Bumi?s ownership which would be divested from the three subsidiaries. ?We will be flexible to all of the offers. If there is a party wants to buy our shares with attractive prices, we will certainly accept it,? he added.

Bumi owns a 87 percent stake in Bumi Minerals and 50 percent and 84.5 percent stake, respectively in two coal producers FBS and PEB.

For the period of 2012 to 2017, Bumi?s maturing debts reach a total of $3.7 billion. About $17 million of the total will mature in the fourth quarter of this year, $254 million next year, $1.2 billion in 2014, $1 billion in 2015. $530 million in 2016, and $700 million in 2017.(*)