Nov 1, 2011

Samin Tan buys 23.8% stake in Bumi Plc

Stellar figure Samin Tan,  who is known as one of closest buddies for Nirwan D. Bakrie, may soon take part as a 23.8% stake holder in London-based Bumi Plc. 
Samin Tan, former auditor of Deloitte & Touche, through its coking coal miner PT Borneo Lumbung Energi Tbk (BORN), is scheduled to announce a shares swap deal before the stock market mid break today.
"For sure, Samin Tan will be one of shareholders in Bumi Plc, hand on hand with Bakrie family and PT Bukit Mutiara's Rosan P. Roeslani," several sources told Insider Stories.
Borneo will partner with PT Bakrie & Brothers Tbk (BNBR) and Long Haul Holdings Limited in Bumi Plc. To buy the takeover, Standard Chartered will provide US$1 billion of 5-year loan facility to Borneo. The closing date is expected in December this year.
Borneo Lumbung Energi is 75%owned by PT Republik Energi & Metal. Previously, Republik Energi is controlled by two ultimate shareholders, Samin Tan and its senior partner Surjadinata Sumantri.
Several sources said Surjadinata has disposed his stake in Republik Energi to a certain buyer. However, there is no information available about the buyer.
"Surjadinata might sell his stake in Republik Energi to Samin Tan. It was a make sense exit strategy," said one of an investment banker.   
Samin Tan and Borneo Lumbung Energi strived to acquire PT Bumi Resources Tbk (BUMI), the most precious asset for Bumi Plc and Bakrie family in 2006. But, the deal was collapsed due to certain reason.
 Disclosure: No position at the stock mentioned above.

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