It?s impossible Bakrie will take over Arutmin shares

For the time being, it is impossible for the financially troubled Bakrie and Brothers will buy BHP-Billiton?s 80 percent stake in the South Kalimantan-based coal mining company PT Arutmin.

?For the time being, it?s impossible for Bakrie to buy Arutmin shares. Aburizal Bakrie?s willingness to buy the share only reflects his concern over the local mining firm,? Bakrie?s investment relations manager Chin Yi told Koran Tempo.

He was commenting on media reports that Bakrie, through its subsidiary Bumi Resources was negotiating to purchase BHP Billiton?s 80 percent in Arutmin. Bakrie and Brothers at present owns 20 percent of Arutmin.

Chin Yi said that Bakrie was instead focusing on efforts to transfer its 20 percent stake in Arutmin to foreign creditors as part of the company?s debt settlement program.

Separately, finance director of Bumi Resources Eddi J. Soebari said that he did not know at all about the plan to buy Arutmin stake.

?I have not hear such a plan,? he said, refusing to further comment the plan.

According to newspaper reports, Bakrie and BHP Billition are negotiating to buy the latter?s shares in Arutmin.

But when asked about the plan, Aburizal said; ?We don?t know yet?. Let?s wait and see.(*)