ID :
28438
Tue, 11/04/2008 - 21:27
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http://m.oananews.org//node/28438
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PT BA TO JOIN CONSORTIUM TO BUY STAKE IN BUMI RESOURCES
Jakarta, Nov 4 (ANTARA) - State Enterprises Minister Sofyan Djalil said state-owned coal mining firm PT Tambang Batubara Bukit Asam (PT BA) is planning to join a Northstar Pacific consortium to buy a 35-percent stake in thermal coal producer PT Bumi Resources (BUMI).
"PT BA told us about its plan to join the consortium. If there are others who will join it too, we would welcome them," the minister said here on Tuesday.
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-percent stake in BUMI worth US$1.3 billion. Northstar defeated other contenders San Miguel of the Philippines and Tata Group of India.
Besides PT BA, two other state-owned enterprises (SoE), namely PT Antam and PT Timah once expressed interest in purchasing BUMI shares but they failed to reach a deal as the price they are willing to pay was too low.
According to Djalil, the government was in principle encouraging SoEs to take part in the purchase of a stake in BUMI.
"After the due diligence has been carried out on BUMI and it is 'clear and clear' and the price is reasonable, we will have no objections," he said.
He said BUMI was a good company and if the due diligence indicated good results, there would be no problem if a SoE was interested in it.
But the minister admitted he was not informed of the ability of the company to take part in the consortium, especially with regard to its funds and the portion of the shares it would buy.
As reported Sunday, Northstar is teaming up with state companies for the buyout.
"We are now evaluating what proportion we have in the consortium, but the deal between the consortium and Bakrie & Brothers has been completed," PT BA president director Sukrisno was quoted as saying.
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.
"PT BA told us about its plan to join the consortium. If there are others who will join it too, we would welcome them," the minister said here on Tuesday.
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-percent stake in BUMI worth US$1.3 billion. Northstar defeated other contenders San Miguel of the Philippines and Tata Group of India.
Besides PT BA, two other state-owned enterprises (SoE), namely PT Antam and PT Timah once expressed interest in purchasing BUMI shares but they failed to reach a deal as the price they are willing to pay was too low.
According to Djalil, the government was in principle encouraging SoEs to take part in the purchase of a stake in BUMI.
"After the due diligence has been carried out on BUMI and it is 'clear and clear' and the price is reasonable, we will have no objections," he said.
He said BUMI was a good company and if the due diligence indicated good results, there would be no problem if a SoE was interested in it.
But the minister admitted he was not informed of the ability of the company to take part in the consortium, especially with regard to its funds and the portion of the shares it would buy.
As reported Sunday, Northstar is teaming up with state companies for the buyout.
"We are now evaluating what proportion we have in the consortium, but the deal between the consortium and Bakrie & Brothers has been completed," PT BA president director Sukrisno was quoted as saying.
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.
