UPDATE 2-Bumi Resources talks to Indonesia group on coal stake sale-sources

Tue Oct 9, 2012 8:22am GMT
 

* Deal aimed at paying down some of Bumi's $3.9 bln debt

* Deal comes amid concern on the Bumi's ability to raise cash

* Bankers pitching to separate Bumi Plc and Bakries-sources

* Bumi Plc board set to meet Oct 11 in Singapore

By Janeman Latul

JAKARTA, Oct 9 (Reuters) - Indonesia's Bumi Resources , facing a probe of its finances by London-listed affiliate Bumi Plc, is in talks with buyers led by the Sampoerna group to sell a stake in a coal miner for around $200 million, sources said on Tuesday.

Bumi Resources, the crown jewel of the billionaire Indonesian Bakrie family, had previously confirmed it was in talks to sell a 50 percent stake in PT Fajar Bumi Sakti. The unit expects to produce 1 million tonnes of coal this year, a fraction of Bumi Resource's 75 million tonnes annual output.

Sources now say the potential buyer is a consortium led by the Sampoerna group, one of Indonesia's biggest conglomerates, and they are discussing a deal of around $200 million.

The sale is part of a plan by Bumi Resources to pay down some of its $3.9 billion debt, which includes $1.5 billion owed to sovereign wealth fund China Investment Corp.   Continued...

Market Update

  • Africa
  • US
  • Europe
  • Asia
UK £ USD =1.6130
Euro USD =1.2771
Rand USD =0.0906