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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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Friday, 27 January 12
DEMOLITION ACTIVITY NEEDS TO INCREASE SIGNIFICANTLY THIS YEAR AS WELL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
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Thursday, 26 January 12
ABM INVESTAMA SEALS US$100 MIO CONTRACT - INSIDER STORIES
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Thursday, 26 January 12
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The dry bulk market’s demise seems to have no visible end, as China’s Lunar Year Holidays continue this week, thus leaving demand with n ...


Wednesday, 25 January 12
CLEAN AND CLEAR MINING PERMITS TO BE COMPLETED END OF 2012 - BISNIS.COM
Bisnis.com reported that, the government plans to announce 700 mining permits with "clean and clear" status without overlapping on other p ...


Tuesday, 24 January 12
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