Feb 10, 2011

Nirwan Bakrie, coal & precious metal

Bakrie Group in mid-November last year announced a shares swap deal between Vallar Plc (currently known as Bumi Plc), a company listed at London Stock Exchange, and PT Bumi Resources Tbk and PT Berau Energy Tbk worth Rp13 trillion. The swap deal is expected to complete by the end of this month. What Bakrie Group plans after that?
Here are the excerpts of an interview with the owner and controller of Bakrie Group, Nirwan Darmawan Bakrie, when he visited the cemetery of H. Achmad Bakrie in Karet Bivak Public Cemetery, today. The event was also to commemorate Bakrie 69th anniversary.

What is Bumi Plc plan after completing the shares swap deal at the end of this month?
Bumi Plc is a holding company owned by PT Bakrie & Brothers Tbk. They are obliged to enhance the company value and Bumi Plc management will penetrate everywhere.

Do they want to acquire mining assets?
Yes. They must develop assets by acquiring other mines. However, Bumi Plc management has not talked about the assets. They certainly have to develop their business.

What assets they are targeting?
Coal dan precious metal but the management itself has not held a board of directors and commissioners meeting. There is no referral to Bumi Plc and they are going to run the acquisition themselves.

What is the plan for PT Darma Henwa Tbk?
There is still no plan yet. They must continue to increase the production.

Is Darma Henwa eyeing the coal contract in Borneo Lumbung Energi?
There is still no contract.

Did you sell stakes PT Delta Dunia Makmur Tbk?
No. I didn’t sell Delta Dunia shares. It’s consistent right?

Disclosure: No position at the stock mentioned above.

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