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BNBR to have direct ownership in BUMI
Publicly listed PT Bakrie & Brothers (BNBR) said that it would directly own part of the shares of PT Bumi Resources (BUMI) after the Bakrie Group takes over the latter from London listed Bumi plc
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ublicly listed PT Bakrie & Brothers (BNBR) said that it would directly own part of the shares of PT Bumi Resources (BUMI) after the Bakrie Group takes over the latter from London listed Bumi plc.
“After the transaction, the company will hold its own stake in BUMI, not with Bakrie Group. But, the company will not become a majority shareholder in BUMI,” BNBR said in a written statement to the Indonesia Stock Exchange (IDX).
The company provided no details on the percentage of its ownership in BUMI as the takeover was not complete. At present, the Bakrie Group, which consists of BNBR and its related entity Long Haul Holdings Limited, hold a 23.8 percent indirect stake in Bumi plc, which has a 29.2 percent stake in BUMI.
The Bakrie Group will take over Bumi plc’s shares in BUMI in a share swap and cash transaction worth US$278 million.
BNBR said that besides its ownership in Bumi Resources through Bumi plc, it also directly owns a 2.64 percent stake in BUMI.
