Aug 8, 2010

UOB, BNP, BNY sell Bayan to KEPCO

Three non-related to share holders of PT Bayan Resources Tbk (BYAN), UOB Kay Hian Pte Ltd, BNP Paribas Wealth Management Singapore, and Bank of New York (BNY) have disposed a total 4.78% stakes in Bayan to Korea Electric Power Corp (KEPCO), South Korea's largest utility.
The Divestment was in line with Bayan's share holders, Low Tuck Kwong, Jenny Quantero, and Engki Wibowo, disposal to KEPCO. 
KEPCO plans raise a total of US$500 million in loans to help it buy a stake in PT Bayan Resources. KEPCO agreed to US$250 million in three-month loans from Standard Chartered Plc late last month.
KEPCO plans to buy a 20% stakes in the Indonesian coal producer Bayan Resources for about US$515 million. The Seoul-based utility last month also agreed to buy a coal mine in Australia from Anglo American Plc for US$366 million.

Disclosure: No position at the stock mentioned above.

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