LONDON (Yosefardi) – Bumi Plc said good progress continues to be made on the transaction to separate from the Bakrie Group and Bumi Resources.
It said the circular to shareholders is at an advanced stage and Bumi Plc expects it will be sent to shareholders in September 2013.
Bumi Plc also noted that its auditor PricewaterhouseCoopers LLP (PwC) was unable to obtain sufficient audit evidence over Bumi plc’s share of loss from Bumi Resources of $167m for the nine months ending 30 September 2012 due Bumi Resources’ management withholding its consent for PwC to review their auditor’s working papers and were unable to perform alternative procedures.