Bumi settles payment for Arutmin shares

Publicly-listed mining concern PT Bumi Resources has settled the payment for a 20 percent stake in PT Arutmin Indonesia, Bisnis Indonesia reported on Monday.

Bumi acquired the shares from PT Ekakarsa Yasakarya Indonesia, a creditor of the Bakrie&Brothers group.

“The sale of Arutmin shares have been completed and most of the proceeds go to PT Ekakarsa’s coffer,” Bakrie’s spokesman Lalu Mara Satriawangsa was quoted as saying by the daily.

With the settlement of the transaction worth about US$31.5 million, Bumi Resources now controls the entire stake in East Kalimantan-based Arutmin, one of the country’s major coal producer. Bumi also controls the entire stake of another coal producer PT Kaltim Prima Coal. (*)