PT Bumi mulls to merge with PT Energi

The publicly-listed PT Bumi Resources Tbk is mulling to merge with oil and gas company PT Energi Mega Persada Tbk to become Indonesia?s new mining giant, the Bisnis Indonesia newspaper reported in its Thursday edition.

The sources in both the capital market and the government told the Bisnis that a letter regarding the merger plan has been sent to the Capital Market Supervisory Board (Bapepam) recently.

?But the merger proposal has not yet been sent to the Bapepam,? a source told the Bisnis.

Another source said that the both companies? managements are currently preparing the merger proposal.

Bumi Resources director Eddie J. Soebari said he will clarify the matter once he receive the explanation from all the concerned parties. But he didn?t mention who the concerned parties are.

?I am not yet ready to comment (on the merger),? Eddie said.

Meanwhile, a investment banker said the plan to merge Bumi and Energi will give a big opportunity for the company in mining sector.

Energi?s director of development Leo Soulsby said he heard about the rumor on the merger plan for some time and refused to comment on the response. (*)