No deal yet, Bumi postpone shareholders meeting
PT Bumi Resources Tbk told JSX Monday that extraordinary shareholders meeting which was initially scheduled this Friday (July 28) is postponed to September 19 for undisclosed reason.
The meeting is expected to decide the merger plan with PT Energi Mega Persada Tbk. But the uncertainty over the closing of US$3.2 billion acquisition of two Bumi subsidiaries (KPC & Arutmin Indonesia) by Borneo Lumbung Energi is believed to be the main reason behind the postponement.
Borneo-Bumi deal is pending on consent letters from Thiess as contractor & Mitsui as equipment leasing agent for KPC & Arutmin. Thiess is the main contractor of both coal companies which secured life-of-the mine contract (Aus$1.7 billion). So far, no letter of consent given from Thiess and Mitsui.
Borneo had secured financing for the acquisition, of which US$2.1 billion raised by Credit Suisse.
On the other hand, Energi Mega is facing its own problem on unstoppable hot mudflow disaster from Lapindo Brantas drilling activity in Porong, East Java. Lapindo has 50% working interest in Brantas PSC, one of EMP's key assets which contribute almost 40% of the company's revenue from natural gas operation. Investigations are underway, with civil & criminal charges, and these may lead to the termination of Lapindo's operation.
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The meeting is expected to decide the merger plan with PT Energi Mega Persada Tbk. But the uncertainty over the closing of US$3.2 billion acquisition of two Bumi subsidiaries (KPC & Arutmin Indonesia) by Borneo Lumbung Energi is believed to be the main reason behind the postponement.
Borneo-Bumi deal is pending on consent letters from Thiess as contractor & Mitsui as equipment leasing agent for KPC & Arutmin. Thiess is the main contractor of both coal companies which secured life-of-the mine contract (Aus$1.7 billion). So far, no letter of consent given from Thiess and Mitsui.
Borneo had secured financing for the acquisition, of which US$2.1 billion raised by Credit Suisse.
On the other hand, Energi Mega is facing its own problem on unstoppable hot mudflow disaster from Lapindo Brantas drilling activity in Porong, East Java. Lapindo has 50% working interest in Brantas PSC, one of EMP's key assets which contribute almost 40% of the company's revenue from natural gas operation. Investigations are underway, with civil & criminal charges, and these may lead to the termination of Lapindo's operation.
Labels: Bumi Resources, COAL, CSFB, Energi Mega Persada, Lapindo, MITSUI
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posted by yosef at 9:34 PM
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