ID :
28437
Tue, 11/04/2008 - 21:27
Auther :
Shortlink :
http://m.oananews.org//node/28437
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BAKRIE & BROTHERS FACING SANCTIONS FROM STOCK EXCHANGE REGULATOR
Jakarta, Nov 3 (ANTARA) - PT Bakrie & Brothers (BNBR) is facing sanctions from the Indonesian Stock Exchange Bourse (BEI) if its subsidiary PT Bumi Resources fails to conduct a public expose this week.
"If they do not conduct a public expose this week, we will give them a sanction. Therefore, we ask them to carry out a public expose," BEI director Erry Firmansyah said here on Tuesday.
He said the sanction will be imposed on BNBR in connection with the planned sale of its stake in BUMI to Northstar.
"BUMI itself is not required to carry out the public expose because the party which will make the transaction is BNBR," Firmansyah said.
It was earlier reported, PT Bumi Resources was not yet ready to conduct a public expose which was initially to be held on Tuesday (Nov. 4 ) as ordered by BEI.
"BUMI is still drafting and preparing a report about the implication of the stake sale on the corporate financial and management performance," BUMI director Eddie J Sobari said here on Tuesday.
Bakri & Brothers, the flagship of the wealthy and politically well-connected Bakrie family announced over the weekend that Northstar Pacific had agreed to pay US$1.3 billion for Bakrie's 35-percent stake in publicly listed BUMI, the world's largest thermal coal exporter, to help pay its debts.
Northstar is an investment company which is part of the Texas Pacific Group of the United States. It has won the purchase offer of 35 state in BUMI worth US$1.3 billion. Northstar defeated other contenders, namely San Miguel of the Philippines and Tata Group of India.
As reported on Sunday, Northstar is teaming up with state companies for the buyout.
The state-owned coal mining firm PT Tambang Batubara Bukit Asam (PT BA) was planning to join Northstar Pacific consortium which would buy 35 stake in PT Bumi Resources (BUMI).
"We are now evaluating what proportion we have in the consortium, but the deal the consortium and Bakrie & brothers has been completed, PT BA president director Sukrisno was quoted as saying. ***2***
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"If they do not conduct a public expose this week, we will give them a sanction. Therefore, we ask them to carry out a public expose," BEI director Erry Firmansyah said here on Tuesday.
He said the sanction will be imposed on BNBR in connection with the planned sale of its stake in BUMI to Northstar.
"BUMI itself is not required to carry out the public expose because the party which will make the transaction is BNBR," Firmansyah said.
It was earlier reported, PT Bumi Resources was not yet ready to conduct a public expose which was initially to be held on Tuesday (Nov. 4 ) as ordered by BEI.
"BUMI is still drafting and preparing a report about the implication of the stake sale on the corporate financial and management performance," BUMI director Eddie J Sobari said here on Tuesday.
Bakri & Brothers, the flagship of the wealthy and politically well-connected Bakrie family announced over the weekend that Northstar Pacific had agreed to pay US$1.3 billion for Bakrie's 35-percent stake in publicly listed BUMI, the world's largest thermal coal exporter, to help pay its debts.
Northstar is an investment company which is part of the Texas Pacific Group of the United States. It has won the purchase offer of 35 state in BUMI worth US$1.3 billion. Northstar defeated other contenders, namely San Miguel of the Philippines and Tata Group of India.
As reported on Sunday, Northstar is teaming up with state companies for the buyout.
The state-owned coal mining firm PT Tambang Batubara Bukit Asam (PT BA) was planning to join Northstar Pacific consortium which would buy 35 stake in PT Bumi Resources (BUMI).
"We are now evaluating what proportion we have in the consortium, but the deal the consortium and Bakrie & brothers has been completed, PT BA president director Sukrisno was quoted as saying. ***2***
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