View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Market Data
November 2, 2011

Borneo Lumbung to acquire stake in Bumi for $1bn

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

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.

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.

 

 

Related Companies

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Friday. The mining industry's most comprehensive news and information delivered every month. The mining industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Mining Technology