Bumi sells coal unit
Wednesday, August 31 2016 - 12:48 AM WIB
By Ruli Setiawan
IDX-listed coal giant PT Bumi Resources Tbk reported on Tuesday that its subsidiary PT Bumi Resources Investment (BRI) has sold 50 percent interest in Leap Forward Resources Ltd to raise funds to repay debt.
Bumi said in a statement that the Leap Forward stake was sold to Smart Alliance Limited (Smart Alliance) and Oceanpro Investments Limited, both of which non-affiliated parties. The value of the transaction is US$90 million, it added.
Leap Forward is engaged in the production and selling of coal particularly in Buluk Seng, Gunung Sari, and Ulung mines in East Kalimantan.
Editing by Reiner Simanjuntak