Shareholders of publicly listed PT Bakrie and Brothers have approved the company's internal acquisition plan for three subsidiaries, the company said Monday.

PT Bakrie and Brothers is a diverse group controlled by the family of Coordinating Minister for the People's Welfare Aburizal Bakrie.

The shareholders also approved the company's plan for a rights issue worth more than Rp 40 trillion (US$4.35 billion).

"Proceeds from the rights issue will be allocated to the internal acquisition, which is part of our long-term goal to become a strategic investment company," said Bakrie finance director Yuanita Rohali.

The acquisition is slated for completion April 22.

Bakrie will buy a 35 percent stake in the country's biggest coal exporter PT Bumi Resources, and 40 percent each of PT Energi Mega Persada and PT Bakrieland Development.

Yuanita said Bakrie would spend Rp 36.9 trillion (Rp 5,432 per share) for Bumi, Rp 7.2 trillion (Rp 1,249 per share) for Energi Mega and Rp 4.4 trillion (Rp 556 per share) for Bakrieland.

Around 7 percent of proceeds from the issue will be used to pay off a short-term debt due this March, she said.

She said Bakrie had prepared standby buyers for the rights issue that included PT Bakrie Capital Indonesia, Danatama Makmur and the Singapore branch of Credit Suisse.

Bakrie is also in the process of establishing a new company -- Bakrie Indo Infrastructure -- to manage the group's infrastructure businesses.

The planned firm will manage Bakrie's three ongoing projects: a gas pipeline development from East Kalimantan to Central Java worth $1.2 billion, the Tanjung Jati power plant project in Central Java worth $1.4 billion and the Cimanggis-Cibitung turnpike project in West Java worth Rp 3 trillion, she said.

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