Bumi sells 68.9 percent stake in PTMP
Tuesday, December 21 2010 - 12:25 AM WIB
PT Bumi Resources Tbk (BUMI) has agreed to sell its 68.9 percent stake in PT Mitratama Perkasa (PTMP) to PT Nusantara Pratama Indah for US$190 million.
In its letter sent to the Indonesian Stock Exchange (IDX), Bumi said that the number of PTMP shares sold to Nusantara Pratama reached 419 pieces which represented 69.8 percent of the total shares issued by the company.
The divestment of PTMP shares was not the first made by Bumi. Early this year, Bumi had agreed to sell its stake in PTMP to PT Cahaya Pratama Lestari for $120 million to repay its debts. But the transaction could not be realized immediately because the shares were still under the control of Deutsche Bank.
The bank held PTMP shares as collateral for its loans. (kanti)