Bumi to Buy Stake in Fajar Bumi for $224 Million

PT Bumi Resources, Asia's biggestexporter of power-station coal, agreed to buy a 77 percent
stake in the parent of PT Fajar Bumi Sakti for 2.48 trillion rupiah ($224 million) to gain control of two mines.
Bumi, Indonesia's biggest coal producer, will complete payment for the purchase of the stake in Leap Forward Finance Ltd. in two years provided Fajar Bumi Sakti reaches a certain
production target,'' the company said in a statement to the stock exchange in Jakarta today.
This is the second acquisition announced by Bumi in the past week. The coal exporter said yesterday it will buy an 80 percent stake in the parent of mining contractor PT Darma Henwa
for $222 million.
Fajar Bumi Sakti has two coal concessions in East Kalimantan province with estimated reserves of 114 million metric tons, according to its Web site.
Yufli Gunawan, president director of Fajar Bumi Sakti, is a former analyst at Bumi and its coal producing units, according to the Web site.