BUMI accepts lower price for Fajar Bumi

Coal mining giant PT Bumi Resources (BUMI) Tbk has finally accepted the revised valuation on PT Fajar Bumi Sakti but only for 50% ownership, not on 76.7% shares the company initially wanted to acquire.

BUMI said "after intensive and serious discussions with the previous controlling owner, an agreement has been reached to accept the revised valuation from MAPPI."

MAPPI is an independent valuator assigned by the Capital Market Supervisory Agency (Bapepam) to examine the fairness of the acquisition of shares in three companies, including Fajar Bumi, by Bumi Resources.

BUMI agreed to pay Rp2.475 trillion for 76.8% shares in Fajar Bumi Sakti (FBS) early this year. But according to MAPPI, the fair value shall be Rp2.105 trillion. So, if BUMI would only acquire 50% shares, the total consideration will be about Rp1.05 trillion.

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