JAKARTA (Yosefardi) – Shares of giant coal miner PT Bumi Resources Tbk (BUMI) gained 1.89% to Rp540 per share this morning following report from Bumi Plc about separation from Bakrie Group and Bumi Resources.
On 11 July, PT Borneo Lumbung Energi & Metal Tbk (BORN) announced that an affiliate of Borneo, Ravenwood Pte Ltd, had entered into an agreement to acquire the Bakrie Group’s 23.8% interest in Bumi. BORN also gained 1.47% to Rp345 per share this morning.
This transaction is conditional upon the sale of Bumi Plc’s 29.2% interest in Bumi Resources to the Bakrie Group. Yesterday (July 18), Bumi Plc and Vallar Investments UK Limited, a 100%-owned subsidiary of Bumi, have entered into a sale and purchase agreement with Long Haul Holdings Ltd., a Bakrie-controlled entity, for the sale of the Company’s 29.2% interest in Bumi Resources to the Bakrie Group for US$501 million in cash.