Sampoerna-led consortium in talks to buy half of Bumi Resources unit

Sampoerna group, one of Indonesia's leading conglomerates, is leading a consortium of local investors that is in talks to buy a 50 percent stake in PT Fajar Bumi Sakti, a coal unit of Bumi Resources, for around $200 million, sources said as quoted by Reuters.

The move is part of a plan by Bumi Resources to pay back some of its $3.9 billion debt, which includes $1.5 billion owed to sovereign wealth fund China Investment Corp CIC.UL.

The deal may still fail if the parties involved can't agree on the valuation, a source, who has direct knowledge of the matter, said on Tuesday.

The source did not want to be identified due to the sensitivity of the matter.

Dileep Srivastava, a Bumi Resources director, declined to comment.

"It is in our nature to look for opportunities for prospective investments in Indonesia," said A. Putranto, an executive at Sampoerna Strategic, the investment holding firm of the group, in an emailed statement to Reuters.

"We are open to possibilities to expand our business in other industries such as, but not limited to, mining. In relation to the above topic, we have not made any commitment with any company or group of companies on investment in coal mining industry," Putranto said.(*)