Tuesday, July 14, 2009

BUMI has 5% Multi Capital

Mining giant PT Bumi Resources (BUMI) Tbk said the company only has minority stake of 5% in PT Multi Capital, a company selected by local administrations in West Nusa Tenggara as partner in the potential multi-billion US dollars acquisition of PT Newmont Nusa Tenggara shares. 
In contrast to media reports in the past few days, PT Multi Capital is not a subsidiary of BUMI in that sense. Senior Investor Relation of BUMI, Dileep Srivastava told Indonesia Stock Exchange (IDX) this morning that it is a member of the Multi Capital consortium through its wholly owned subsidiary PT Bumi Resources Investment (BRI). This company only owns 5% shares in Multi Capital.
So, who owns most of the shares? Multi Capital has reportedly agreed to establish a JV with local administrations of NTB wherein Multi Capital will only get 25% of revenue stream from investments in NNT. Recently, this consortium insisted to acquire up to 31% shares in NNT.

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