Bumi studies bonds to fund Recapital

PT Bumi Resources Tbk study bonds to provides US$300 million sub debt to PT Bukit Mutiara, with 99.6 percent stocks owned by PT Recapital Advisors to buy Berau Coal holding company stocks worth totally US$1.48 billion.

PT Recapital Advisors eventually accomplished the acquisition of 90 percent shares of PT Berau Coal holding company.

After completion of the transaction, Recapital picks Didi Cahyanto became CEO of Berau Coal replacing Bob Kamandanu who is now the commissioner. Besides, John Ramos who formerly was the corporate finance of Recapital is assigned as finance director of Berau Coal.

Some 51 percent Berau stocks are owned by PT Armadian Tritunggal, the compnay almost fully owned by Rizal through PT Risco, and Rognar Holding B.V. owns 39 percent Berau shares.
Armadian also owns 12.8 percent Rognar stocks directly. PT Risco will later acquire 87.2 percent Rognar shares through Win-ches-ter(Seychelles) and Aries (Malta). Along with the acquisition of Berau, Recapital plans to have Armadian IPO.
Berau holding firm was formerly Armadian which will sell 30 percent shares to market targeting US$100 million funds. The owner of 51 percent shares of the five largest coal producer nationwide has appointed Bahana Securities as the underwriter.
Bumi Resources plans to provide US$300 million loans to Bukit Mutiara. On the other side, Bumi has negotiated for the involvement of Huaneng Power International from China to join the acquisition structure up to 90 percent Berau holding firm shares.