The country's largest coal producer, PT Bumi Resources, has reached agreement with the owner of PT Fajar Bumi Sakti (FBS) on the reevaluation of the acquisition value of the company by Bumi.
Bumi president director Ari Hudaya said on Friday that the owner of FBS had agreed to sell its 50 percent stake to Bumi for Rp 1.4 trillion (US$137.2 million).
"We have agreed on the new price that is in line with the MAPPI *independent auditors*'s recommendations," Ari said.
Under the previous sales purchasing agreement, Bumi agreed to pay Rp 2.48 trillion for a 77 percent stake in FBS. However, a team of independent auditors assigned by the stock market regulator claimed that the deal was too expensive, suggesting that Bumi make a downward adjustment of Rp 370 billion.
Ari explained that after an intensive talk with FBS to renegotiate the price, the owner of FBS refused to let go that much shares at lower price, therefore, it only agreed to a lower volume of divestment.
"I hope that we can sign the *new* agreement on Monday," Ari said. - JP
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