Dec 3, 2010

Berau & Bumi don't have marketing deal

Thermal coal producer PT Berau Coal Energy Tbk (BRAU) declared that it doesn't have any exclusive marketing agreement with PT Bumi Resources Tbk (BUMI).
In an official statement submitted to Indonesia Stock Exchange (IDX), Berau Energy Director John Ramos said Maple Holding Limited is a party appointed by Berau Coal as an exclusive marketing agreement, while Noble Group is acting as sub-agent of Maple Holding.
But, based on Bumi Resources's September financial statement page 145, on June 11 2010, Bumi entered into a sub-
agency marketing agreement with Maple Holding in relation to the marketing service agreement dated December 30, 2009 between Maple and PT Berau Coal. Based on the sub-agency agreement, Maple appointed Bumi as sub-agent to act in all respect and behalf of Maple with regard to its rights and obligations under the marketing agreement with Berau.
Accordingly, Bumi shall act as a servicer to collect the Commission payable by Berau to Maple under the marketing agreement and disburse such commission in accordance with Maple’s instructions.

Disclosure: No position at the stock mentioned above.

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