Indonesian miner Bumi Resources to sell stake worth $1.6b to Salim-backed firms

Indonesian miner Bumi Resources to sell stake worth $1.6b to Salim-backed firms

Photo: Reuters

Shareholders of Indonesia’s largest coal miner PT Bumi Resources on Tuesday approved a share sale plan worth $1.6 billion to companies controlled by billionaire Anthoni Salim, aimed at helping the miner repay longstanding debt.

Bumi would issue a maximum 200 billion new shares, 85% of which are to be bought by Hong Kong-based Mach Energy Ltd while Treasure Global Investments Ltd (TGIL) would subscribe to the remaining 15% under the planned sale.

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