A number of shareholders in PT Bumi Resources Tbk (BUMI), Indonesia's largest thermal coal exporter, has agreed to sell an aggregate of 800.33 million shares in BUMI.
In an official statement published tonight, the shares are representing 3.9% of the issued ordinary share capital of Bumi Resources.
The shares will be swapped with 13.88 million of Bumi Plc's voting ordinary shares, so-called step-up transactions. These transactions are expected to close on or around 5 July 2011. In return, Bumi Plc's shareholding in Bumi Resources will be increased to approximately 28.9% from 25%.
As a result of the issue of Bumi Plc voting ordinary shares to the selling Bumi Resources shareholders, 5,95 million Bumi suspended voting ordinary shares, issued to the Bakrie Group on the closing of the transaction, will convert into Bumi voting ordinary shares on a one-for-one basis.
Disclosure: No position at the stock mentioned above.
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