Indonesian firm Bakrie & Brothers is planning to sell a 23.8% stake in coal producer Bumi to Borneo Lumbung Energi for $1bn.

The company will utilise the amount from the transaction to pay off its $1.35bn debt, reports Reuters.

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Borneo Lumbung Energi will receive a loan of $1bn from the Standard Chartered Bank to fund the acquisition.

Under the transaction, Borne Lumbung will hold a stake in Bumi’s coking-coal mining unit Asmin Koalindo Tuhup.

Borneo Lumbung Energi, together with Bakrie Group, will own a 47.6% stake, in addition to a 29.99% voting interest in Bumi, on completion of the transaction.

 

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