Indonesia’s Bumi Resources Debt-Share Swap Given All Clear
Jakarta. Bumi Resources, the coal mining unit of the Bakrie Group, has finally secured shareholder approval for its debt-to-share swap deal with China Investment Company after two previous attempts failed.
Dileep Srivastava, a director at Bumi Resources, told reporters that shareholders representing a 63 percent voting rights had agreed to the three resolutions needed to proceed with the CIC deal, in the third extraordinary shareholder meeting seeking approval for the deal.
He added that a minimum of 40 percent of shareholders’ votes was required for the resolutions.
To pay a portion of its $1.3 billion debt to CIC, Bumi will relinquish a 19 percent stake in the company’s coal miner Kaltim Prima Coal and a 42 percent stake in Bumi Resource Minerals.
Read more at: http://www.thejakartaglobe.com/business/indonesias-bumi-resources-debt-share-swap-given-clear/
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