- Adri Prastowo
VIVAnews - Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) will look into buy transaction of 75 percent shares of PT Berau Coal Energy Tbk and 25 percent shares of PT Bakrie & Brothers Tbk in PT Bumi Resources Tbk by Vallar Plc.
"We'll analyze the matter in the first place. Bakrie & Brothers have explained about the issue to Bapepam," said Head of Real Sector Company Financial Assessment Bureau, Anis Baridwan, today, Nov 19.
Anis said Vallar will in the future carry out a mandatory tender offer after formerly controlled Berau Energy, which had been under the administration of Recapital Investment Group through PT Bukit Mutiara. 'We'll only supervise the mandatory tender offer," he said.
Vallar Plc, helmed by Nathaniel Rothcshild, bought the shares of Berau Coal Energy which were owned by Bukit Mutiara by 75 percent.
On November 12, 2010, Vallar Plc recorded market capitalization by US$1.044 billion given more than US$1 billion worth of cash.
Through the transactions, Bukit Mutiara will release 12.21 billion shares at Rp 540 per unit. The share release represents 35 percent shars of Berau Energy.
Meanwhile, the remaining 40 percent of Berau Energy shares will be exchanged by 52.3 million shares in Vallar.
In addition, the transactions involving Vallar and Bakrie & Brothers, according to Anis, will be disclosed by the financial assessment bureau.
In the transactions, as many as 25 percent of Bumi Resources shares owned by Bakrie & Brothers were exchanged by 90.1 million shares of Vallar.
Anis said Bapepam-LK called on Bakrie & Brothers to hand over the transaction scheme.
Through the transactions, Bakrie & Brothers will become the ultimate shareholder of Vallar by 43 percent of share ownership.
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Translated by: Bonardo Maulana W
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