Good news for Sir Richard Gozney (KCMG, CVO, KStJ), who will be joining the board of Bumi after Thursday’s shareholder vote.
© The Financial Times Ltd 2014 FT and 'Financial Times' are trademarks of The Financial Times Ltd.
Indonesia’s Bakrie Group is selling a 23.8 per cent stake in London-listed Bumi, its joint venture with financier Nathaniel Rothschild, to coal miner Borneo Lumbung Energi, Reuters reports, citing a draft statement. The sale of about half of Bakrie’s stake in Bumi, for $1bn, values the Bumi shares at about £10.91 each, which Borneo says is a 6 per cent premium to the last 6-month volume-weighted average price, and would be payable in cash. The deal with Borneo, which is backed by Indonesian investor Samin Tan, would help Bakrie pay off the bulk of an $1.345bn loan and extricate itself from a debt crunch that has weighed on the share price of the world’s largest thermal coal exporter Bumi Resources. The draft statement read: ”(Borneo) has signed a sale and purchase agreement, conditional upon shareholder, regulatory and other approvals, to acquire an effective economic interest of approximately 23.8 percent in Bumi Plc,” Reuters says.