Bumi Resources to transfer shares in Gallo Oil
Saturday, March 30 2002 - 04:00 AM WIB
The publicly-listed energy-based company PT Bumi Resources will transfer a 13.5 percent stake in fully-owned oil firm Gallo Oil (Jersey) Ltd. to coal mining firm PT Arutmin Indonesia, the company said in a letter to the Jakarta Stock Exchange dated March 27, 2002.
Bumi said that the stake will be a collateral guarantee for its plan to issue bonds worth US$103.95 million and Rp 470 billion, seen as part of a mechanism to transfer its debts to Arutmin.
Bumi Resources acquired last year an 80 percent stake in Arutmin, a South Kalimantan-based coal mining firm.
Bumi said that the bonds issuance was agreed with Arutmin on Dec. 12, 2001, while the agreement on the collateral guarantee was made on March 25, 3002.
No further details were given.(Amoros)