Bumi Resources to complete Arutmin takeover this year
Monday, June 9 2003 - 11:13 AM WIB
JSX-listed PT Bumi Resources Tbk this year will settle its payment for the remaining 10-stake in South Kalimantan-based coal miner PT Arutmin it had acquired from the Bakrie Group, detikcom website reported Monday.
Bumi?s financial director Eddie G. Soebari said the 10-percent stake was part of the 20 percent of Arutmin shares it had bought at US$35 million.
Bumi paid for the first 10 percent shares in 2001, and this would make it 80-percent owner of Arutmin if all legal aspects of the payment were settled, Eddie said in BUMI?s public expose meeting in Jakarta Monday.
Arutmin, one of the country?s top coal firms, produced 10.6 million tons of coal in 2002. According to Eddie, Arutmin?s production is estimated at 16.5 million tons this year. (*)