Bumi Resources acquires three coal mining firms

By Ruli Setiawan

IDX coal giant PT Bumi Resources Tbk on December 28 signed agreements on conversion of debt into capital participation with three coal mining firms, ending up with Bumi acquiring the three.

The company said in a statement issued Monday, following the conversion of debts into equity, Bumi now owns 99.9 percent shares in PT MBH Mining Resource, 99.7 percent in PT Mitra Bisnis Harvest, and 99.9 percent in PT Buana Minera Harvest. The transaction is worth a total of Rp 1.25 trillion.

The three newly acquired coal mining firms hold IUP mining permits in Banyuasin, South Sumatra, respectively with concession areas of 11,380 hectares, 18,000 ha, and 9,775 ha.

Editing by Reiner Simanjuntak