Bumi Plc receives NR investments letter re Long Haul proposal
Monday, November 5 2012 - 10:54 AM WIB
London-listed Bumi Plc announced that it has received a letter from NR Investments proposing an alternative to the Long Haul proposal published on October 11, 2012 .
As previously announced, the Board appointed Rothschild Group to evaluate the Long Haul proposal, which was received on October 11, 2012 .
It said that the NR Investments' alternative will also be evaluated by Rothschild Group and considered by the Bumi independent non-executive directors.
The Board will in any event not make any recommendations regarding any possible transaction until the investigation announced by Bumi on 24 September 2012 is appropriately advanced.
On Saturday, Bumi Plc denied news that it has received a proposal from founder and a shareholder Nat Rothschild in a bid to counter a US$1.4 billion proposal by the Bakrie family to strip the firm of its Indonesian assets; Bumi Resources and Berau Coal Energy.
News reports circulated on Friday saying that financier Nat Rothschild is in talks with Indonesian investors, including contender for the country's presidency Prabowo Subianto, to try to provide an alternative to Bakrie?s plan on dismantling Bumi Plc?s ownership in the two Indonesian giant coal miners.
The reports also said that discussions were being held with his brother, Hashim Djojohadikusumo, who owns the Arsari group of companies and is a player in agriculture and tin mining.
The reports have triggered movement in Bumi Plc?s share in London. Responding this, Bumi Plc has submitted a statement to the London Stock Exchange denying the news.
Editing by Adianto P. Simamora