Bumi to sell 30% of Mitratama shares

IDX-listed PT Bumi Resources Tbk plans to sell a 30 percent stake in PT Mitratama Perkasa to PT Sumber Energi Andalan Tbk, which has recently turned its business core to mining from jewelry trading, Kontan reported on Tuesday.

Bumi will sell 30 percent of Mitratama?s shares for just US$1. The value of the transaction is questionable given the fact that the company received $190 million from the sales of Mitratama?s 69.83 shares to PT Cahaya Pratama Lestari in 2010.

The plan to sell 30 percent stake in Mitratama was contained in Bumi?s financial report for first semester 2012. The sales and purchase agreement was signed in June 1, 2012.

Bumi?s Director and Corporate Secretary Dileep Srivastava said in Jakarta on Monday that the transaction to sell 30 percent stake in Mitratama had not been concluded. ?The transaction is related to the cancellation of Sumber Energi?s fee in Kaltim Prima Coal (KPC),? Dileep said.

Dileep, however, refused to comment further on the status of fee which had to be paid to Sumber Energi. (*)