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Saturday, 21 January 12
SAMIN TAN COMPLETES BUMI PLC TAKEOVER - INSIDER STORIES


Insider Stories reported that, Indonesian coking coal miner PT Borneo Lumbung Energi & Metal Tbk (BORN), that is controlled by stellar businessman Samin Tan, today schedules a  signing ceremony of the takeover completion on 23.8% stake in London-based Bumi Plc worth US$1 billion.

"Closing ceremony is scheduled today [January 20] at 10.00 am," Samin Tan told Insider Stories last night.

As reported by Bisnis Indonesia today, Director Kenneth Raymond Allan at Borneo also confirmed about the signing ceremony today. "There is no press conference, only press release," he said.

Borneo has received US$1 billion loan facilities arranged by Standard Chartered Bank. The money has been transferred to a certain escrow account.

Following the takeover completion, Borneo will indirectly control 23.8% stake in Bumi Plc through two jointly new entities dubbed Borneo Bumi Energi & Metal Pte Ltd (Borneo Bumi) and Bumi Borneo Resources Pte Ltd (Bumi Borneo).

In Borneo Bumi, Borneo Energi controls 51% stake and 49% stake in Bumi Borneo. Borneo Bumi is holding 54.15% voting shares in Bumi Plc, representing 29.9% of the total voting rights in Bumi Plc.

Bumi Borneo is holding 60.44% non-voting shares in Bumi Plc, representing 25.1% of the total capital paid in of Bumi Plc.
Source: Insider Stories



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Recent News

Wednesday, 22 February 12
RAW COMMODITY EXPORT BAN SPARKS SMELTER BUILDING BOOM IN INDONESIA ANTARA / THE JAKARTA GLOBE
Antara /  The Jakarta Globe reported that, as the government gears up to ban all exports of unprocessed commodities, Indonesia will see 12 new ...


Tuesday, 21 February 12
THREAT ISSUED ON MINERAL FIRMS AS GOVT PLANS EXPORT BAN - THE JAKARTA POST
The Jakarta Post, one of the leading english news papaer in Indonesia reported that, the government has given mineral producers three months to subm ...


Monday, 20 February 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU
The dry market experienced one more disappointing week with tonnage oversupply and limited cargo demand that pushes earnings for shipping players to ...


Monday, 20 February 12
JATENERGY SECURES FIRST 8000-TONNE COAL SALES CONTRACT FOR JONGKANG MINES
8000-tonne contract with Singaporean buyer signed for March delivery 50% down payment due in five working days Production continues at both Jongka ...


Monday, 20 February 12
DIAN SWASTATIKA ACQUIRES ANDALAN LESTARI - INSIDER STORIES
Insider Stories reported that, PT Dian Swastatika Sentosa Tbk (DSSA), controlled by Fuganto Widjaja, son of Indra Widjaja, reported a 99.83% takeove ...


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