JAKARTA - PT Bumi Resources Tbk (BUMI) sells 50 percent shares in its subsidiary Leap Forward Resources Ltd to Smart Allience Limited (Smart Alliance) and OceanPro Investments Limited (OceanPro) worth US$90 million, the company said in disclosure to the Indonesia Stock Exchange (BEI).
Director and Corporate Secretary of BUMI Dileep Srivastava said Leap Forward is a subsidiary through PT Bumi Resources Investment. A total of 50 percent of the shares Leap Forward is an indirect asset of the company. While BRI is a subsidiary company with an ownership share of the company amounted to 99.9 percent.
In this case, the company (BUMI) acts as a guarantor, BRI as a seller, Smart Alliance and OceanPro as a buyer. The impact of the sale of these shares, in addition to the company’s reduction in indirect assets, other impacts of this transaction is partially reduced the company’s debt to one of the creditors of the company. Leap Forward and its subsidiaries engage in the production and sale of coal, especially in Buluk Zinc Mine, Mine and Mine Ulung Gunung Sari, located in East Kalimantan. To execute this transaction, the company has obtained the consent of the board of the company in PKPU. (*)