Mon,Mar 07, 2011 10:06PM |The Jakarta Post|Business
JAKARTA: British investment giant Vallar Plc. has closed a transaction with Indonesia’s top coal producer, Bumi Resources, in a reverse takeover deal that would allow a London Stock Exchange listing for soon-to-be established Bumi Plc., both companies said in separate statements Friday.
Bakrie and Brothers (BNBR), the majority shareholder of Bumi, received 90.1 million new Vallar shares Friday issued at a value of £10 (US$16.26) each in exchange for a 25 percent stake in the coal miner.
Vallar’s 25 percent stake in Bumi was valued at Rp 2,500 per share, totaling Rp 13 trillion (US$1.48 billion). The shares were previously held by Bakrie and Brothers.
Bakrie chief executive officer Bobby Gafur Umar said the transaction was a “win-win” step for both parties.
“By being listed on the London Stock Exchange we expect BNBR’s value, profile and position at the international level to increase,” he said in a written statement.
Bobby added that the acquisition would allow his company greater access to capital and financial markets.
Tags : shareholders, stake in coal mine, acquisition,
Bakrie and Brothers (BNBR), the majority shareholder of Bumi, received 90.1 million new Vallar shares Friday issued at a value of £10 (US$16.26) each in exchange for a 25 percent stake in the coal miner.
Vallar’s 25 percent stake in Bumi was valued at Rp 2,500 per share, totaling Rp 13 trillion (US$1.48 billion). The shares were previously held by Bakrie and Brothers.
Bakrie chief executive officer Bobby Gafur Umar said the transaction was a “win-win” step for both parties.
“By being listed on the London Stock Exchange we expect BNBR’s value, profile and position at the international level to increase,” he said in a written statement.
Bobby added that the acquisition would allow his company greater access to capital and financial markets.
Tags : shareholders, stake in coal mine, acquisition,
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