Bumi PLC said it would require 75% shareholder approval of the proposal by Indonesia’s Bakrie family to sell their stake in the company,
the
Financial Times
reported.
The company said it had called for an independent financial evaluation on the proposal, according to the report.
The Bakries, who own 23.8% of Bumi, offered to swap their shares in the company for 10.3% of Bumi Resources, a coal mining company they control. Bumi holds a 29% stake in Bumi Resources. The Bakries would then by Bumi’s remaining Bumi Resources shares and Bumi’s 85% stake in another Indonesian coal company.
The
FT
report cited “several prominent shareholders” who said they are reluctant to support the proposal until the conclusion of an investigation into alleged financial irregularities at Bumi Resources. The report cited one person who said that there was growing consensus that the Bakries should exit the company, but there are differences over whether the family’s proposal was the way to achieve that goal. (Source:
Financial Times,
Oct. 12, 2012.)
-
593 reads