JAKARTA (Yosefardi) – Investors focused buying stocks related to Bakrie Group this morning following media reports the group’s acquisition plan.
The group plans to acquire 30% stake in PT Arutmin Indonesia from Tata Power Co Ltd for US$500 million, equivalent Rp6 trillion.
This will boost Bakrie’s ownership on Arutmin, through Bumi Resources (BUMI), to 70%. Bakrie also controls 70% stake in PT Kaltim Prima Coal (KPC) while Tata Power holds the rest.
Tata Power divested Arutmin for debt payment. It acquired Arutmin and KPC for US$1.1 billion in 2007. At 9.48 am Jakarta time, BUMI gained 1.63%, Bumi Resources Minerals rose 1.32%, Borneo Lumbung increased 1.26%, Visi Media hiked 1.1%, and Energi Mega lifted 1.41%.
BRMS plans to divest its iron ore mine in Mauritania, North Africa and gold mine in Liberia, West Africa.