Friday, December 26, 2008

Finally, three stockholder Bumi

After a long negotiation for 11 weeks, PT Bumi Resources Tbk stock will be controlled by three owners other than PT Bakrie & Brothers, namely Northstar Pacific Partners Limited, Brentwood Ventures Pte Ltd, and Ancora Group.
The three companies will control shares in the largest Indonesian coal company after it completes the negotiation to buy Bakrie & Brothers's debts of US$751.5 million. The debts come from three institutions, namely Odickson Finance (the largest creditor), ICICI Bank Ltd India, and JPMorgan.
Northstar Pacific takes over US$575 million debt from Odickson, Brentwood US$104.5 million from ICICI Bank, and Ancora Group US$72 million from JPMorgan.
All of the debts taken over have Bumi shares as collaterals, save debts to Odickson, which also have as collaterals shares of PT Energi Mega Persada Tbk, PT Bakrieland Development Tbk, PT Bakrie Sumatera Plantations Tbk, and PT Bakrie Telecom Tbk.
Bakrie and Northstar have agreed to set up a new joint venture controlling a 21.4% stake in Bumi. In the joint venture Bakrie controls a 70% stake and Northstar the rest.

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