Coal tycoon Samin Tan has agreed to a US $223 million deal that would elevate his stakes in Bumi Plc to over 47%. The move will buy out the Bakrie family in Bumi Plc is the first part of the deal that aims to end the families involvement with Bumi.
The second part of the plan involves that the Bakrie family will buy Bumi Plc's stake in Bumi Resources for over US$500 million in cash. The second part of the deal is still under negotiation.
Tan's purchase of the stakes in Bumi are said to be conditional upon the second part of the deal. the purchase also needs to meet the approval of Bumi's independent shareholders plus a waiver about UK takeovers.
Tan will buy the Bakries' 23.8 % stake through the Indonesia's Borneo Lumbung Energy & Metal Tbk in a deal that will take Borneo's stake in Bumi Plc to 47.6%.
Bumi Plc is one of the world's largest thermal coal exporters.
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