Bakrie Family behind Renaissance on KPC & Arutmin deal

A consortium led by Renaissance Capital had signed the sales and purchase agreement (SPA) with PT Bumi Resources Tbk to acquire Bumi's shares in two major coal producers, PT Kaltim Prima Coal and PT Arutmin Indonesia at US$3.2 billion.

Geroad P. Yusuf, Corporate Secretary at Bumi Resources disclosed this morning that PT Borneo Lumbung Energi had signed the SPA yesterday. PT Borneo Lumbung Energi, an affiliation company of PT Renaissance Capital, acquired 95% shares of KPC, 100% of Arutmin, and 100% PT Indocoal Resources Ltd.

Yusuf didn't disclose members of Renaissance Capital consortium. But some says Bakrie Family and Marubeni Corporation are among others.

Sources said Bakrie Family and other members of the consortium put US$750 million in the consortium with the remaining US$2.5bn from debt instruments provided by some banks with Credit Suisse First Boston (CSFB) as the arranger.

Earlier this morning, Marubeni Corp had deposited US$150 million to Bumi's escrow account for the transaction.

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