Apr 12, 2011

Vallar Plc officially renamed into Bumi Plc

London-listed shell investment company dubbed Vallar Plc has officially been renamed into Bumi Plc yesterday.
Speaking in a press statement today, Bumi Plc Chairman Indra U. Bakrie said pending regulatory approval, the company is expected to enroll the top 100 largest companies in London Stock Exchange or dubbed FTSE 100.
Bumi, which controls coal and non-coal assets such as Kaltim Prima Coal, Arutmin, Berau Coal, and Bumi Resources Mineral, is expected to become the first Indonesian global coal champion with a coal production target reaching 140 million tons in 2013, or approximately 20 percent of the world's total coal production.
"Tonight we are indeed creating a new history. As Nathaniel Rothschild said, there is currently no global champion for coal. We want that champion to be an Indonesian asset that is listed as London's 100 largest Plcs," said Indra Bakrie.
According to him, the establishment of Bumi Plc should give a new meaning to the relationship between the two countries, especially that there has not been an Indonesian company that can penetrate into FTSE 100.
Indra stated that for a long time, the Bakrie group has been one of the most misunderstood business in Indonesia and throughout the world capital market.
He hopes if the Bakrie Group can challenge themselves with international standard rules and practices, and can deliver their commitments in the international arena, then the Bakrie Group may have a chance to correct the misunderstandings.

Disclosure: No position at the stock mentioned above.
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