Monday, December 11, 2006

Bakrie family divest 700 million Bumi shares

Long Haul Holding Ltd, a company owned by Bakrie family and some businessmen, is scheduled to divest 700 million shares of PT Bumi Resources Tbk through JSX today at Rp840/share, Bisnis Indonesia reported. Long Haul is the owner of 1.08 billion shares of Bumi, represents 5.59% of outstanding shares. Total proceeds from the divestment for Bakrie, with CLSA as the book runner, would be Rp588 billion. It's not clear what the family will do with the money. "The family is clearly in need of enough liquidity. But I'm not sure what exactly," one executive close to the family said.

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