Bumi Resources
From Taighde
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PT Bumi Resources Tbk is a coal miner based in Indonesia. The company is owned by Bakrie Group. Bumi owns a 29% stake but is expected to become a majority owner of the company within a few years.
The China Investment Corporation loaned $1.9 billion to the company in September 2009. The loan will have a 12% annual cash coupon and a 19% internal rate of return. The investment came just days after the CIC invested into the Noble Group. Part of the loan was used to pay down the debt of several acquisitions Bumi made. The acquisitions, valued at $657 million, consisted of two coal miners and one contractors. According to an official in Bumi, the loan comes with an agreement that the CIC will have the right of first refusal to partner on any investment that Bumi makes above $75 million. Bumi paid $600 million of the loan in November 2011.[1]
The CIC was in negotiations to purchase shares in a $495 million private placement of shares, but pulled out after a disagreement over terms. [2][3]
The Government Pension Fund of Norway held a 0.75% stake in the company as of December 31, 2009. The stake is valued at $37,688,759.
| Date | Ownership | Voting | Value |
|---|---|---|---|
| December 31, 2009 | 0.75% | 0.75% | $37,688,759 |
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