ID :
27957
Sat, 11/01/2008 - 23:13
Auther :
Shortlink :
http://m.oananews.org//node/27957
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BAKRIE & BROS AGREES TO SELL SHARES IN BUMI TO NORTHSTAR
Jakarta, Nov 1 (ANTARA) - Bakrie and Brothers (BNBR) has agreed to sell 35 percent of its shares in coal mining company BUMI to Northstar at around US$11.3 billion or US$0.19 per share.
"We signed the deal last night," BNBR director Ari Saptari Hudaya said at a press conference here on Saturday.
He said the proceeds would be used to pay the company's debt totalling US$1.2 billion.
He said the transaction settlement namely verification of documents was expected to be completed in the next 21 to 28 days. During the period price adjustment could still occur but the deal could not be cancelled, he said.
He said there was no clause for buyback in the deal. "This is a straight deal that gave no buyback options.
Regarding suspension of BUMI share trading he said he could not say whether the suspension would be lifted after the deal. "It depends on the regulator," he said.
Northstar is an investment company belonging to Patrick Walujo which is affiliated to Texas Pacific in Indonesia.
"We signed the deal last night," BNBR director Ari Saptari Hudaya said at a press conference here on Saturday.
He said the proceeds would be used to pay the company's debt totalling US$1.2 billion.
He said the transaction settlement namely verification of documents was expected to be completed in the next 21 to 28 days. During the period price adjustment could still occur but the deal could not be cancelled, he said.
He said there was no clause for buyback in the deal. "This is a straight deal that gave no buyback options.
Regarding suspension of BUMI share trading he said he could not say whether the suspension would be lifted after the deal. "It depends on the regulator," he said.
Northstar is an investment company belonging to Patrick Walujo which is affiliated to Texas Pacific in Indonesia.
