Bumi Plc: Less Certainty on Bakrie Separation

LONDON (Yosefardi) – Bumi Plc has warned investors that separation of Bumi Resources (BUMI) and exit of Bakrie Group might be delayed.
“This is a complex transaction and there are certain items relating to the separation that remain outstanding and are outside of the company’s control. While the company continues to work towards bringing the separation to fruition as soon as possible based on the financial terms previously announced, as a result of ongoing discussions regarding these items there is less certainty around the timing and status of the separation,” Bumi Plc said Monday (Sept 9th).
Bumi Plc shares ended 2.85% following the announcement. This morning, however, Bumi Resources opened higher by 1% in Jakarta.
On 30 August 2013, in its half year results announcement for the period ended 30 June 2013, Bumi Plc stated that it expected a circular relating to the proposed transaction to effect the separation of the company from the Bakrie Group and PT Bumi Resources Tbk would be sent to shareholders in September 2013.