Bumi: Separation from Bakrie family to be completed end November

By Peni Pedriawan

London-listed coal mining group Bumi Plc said that the protracted separation process from Indonesian Bakrie family is expected to be finally completed by end of November of this year.

?The company continues to work towards bringing the separation to fruition on the financial terms previously announced on 18 July 2013,? Bumi said in a statement obtained Monday.

?In this connection it has agreed to modify certain of the conditions to, and timing of, the closing of the separation in order to facilitate the resolution of certain outstanding items as a result of which it is anticipated that the Bumi shareholder circular will be published in October 2013 and that completion of the separation will occur by the end of November 2013,? it added.

Bumi was set up in 2010 by the Bakrie family and international financier Nathan Rothschild to bring in Indonesian coal assets including Bakrie?s coal mining giant PT Bumi Resources into a London-listed firm. But since its creation Bumi has suffered from feuding among the co-founders. In February, Bumi agreed to the terms of a separation from the Bakrie family.

Editing by Reiner Simanjuntak