Bumi Chairman Samin Tan confirmed to Bloomberg by email that a lender had given him approval to finance his acquisition of the stake held by the Bakrie Group in the Indonesia-based coal producer.
Indonesia
Japan's Sumitomo Life Insurance Co to acquire stake in life insurance unit of Bank Negara Indonesia
Japan's Sumitomo Life Insurance Co said it would be acquiring a 40% stake in the life insurance unit of Bank Negara Indonesia in a deal worth JPY 36.2 billion or USD 354 million.
Bumi shareholders to decide on spin-off from Bakrie family
Shareholders will be casting their votes on December 4 on the two-step deal that would see Bakrie family of Indonesia exiting from coal producer Bumi Plc.
Exxon to exit 25% stake in Iraq oilfield to PetroChina
US oil major Exxon Mobil will sign over its 25% stake in Iraq's West Qurna1 oilfield project to China's largest energy company PetroChina. Exxon previously offered to sell its entire stake in the oilfield following a disagreement with Iraq's central government.
Octanex targets mining assets in Philippines and Indonesia in merger
Australia-based gas and oil explorer Octanex said the main reason for its merger with Peak Oil & Gas was the latter's access to exploration projects in the Philippines and in Indonesia.
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Lulu Hypermarkets chief executive officer Yusuffali M.A. said his company would be entering in expanding in emerging markets and create new ones in the Middle East and Asia.
Sources told Bloomberg that the Blue Bird Group had begun to check investor demand for its planned USD 450 million IPO.
