Bakries submit new proposal to exit Bumi




Indonesia’s Bakrie family has amended its proposal to exit from Bumi,

the

Financial Times

reported.

The new plan calls for the Bakries to sell their entire stake to Samin Tan, the company’s chairman and a friend of the family.

Tan would buy the Bakries’ 23.6% stake in Bumi, and the Bakries would pay more than $500 million to reacquire Bumi’s 29% stake in Indonesian coal miner Bumi Resources, the

FT

article said.

The move would leave Tan with a 47% interest in Bumi, the

FT

report noted. It requires the backing of independent shareholders, the article said.

The Bakries’ original proposal called for them to buy back Bumi’s stake in Bumi Resources for cash and the cancellation of their 23.6% stake in Bumi. The family says that deal is still on the table if the new plan is rejected by the independent shareholders. (Source:

Financial Times,

July 11, 2103.)

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