Indonesia's largest coal miner PT Bumi Resources Tbk (BUMI) is exploring an option to dispose 20% stake in its non-coal subsidiary dubbed PT Bumi Resources Minerals Tbk (BRMS) in a bid to grab US$400 million cash.
A source familiar with the matter, as quoted by Bisnis Indonesia today, said the share sale is expected to be realized in the third quarter of 2012. Bumi Resources is currently in talks with Chinese and European potentiao buyers.
During an extraordinary general meeting of shareholders yesterday, Indonesian businessman Samin Tan, who is also an owner of PT Renaissance Capital, takes the helmet at BRMS. He has been appointed as president director, replacing his predecessor Ken Farrel.
According to Samin Tan, BRMS is now focusing to commercially operate PT Dairi Prima Mineral and PT Gorontalo Minerals. "In the next 1-2 weeks, Dairi Prima will secure US$100 million loan facility from a foreign bank," he said
Disclosure: No position at the stock mentioned above.
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