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Senin, 11 April 2011

(BN) Vallar Says Expects to Complete Bumi Stake Increase in May (1) - Bloomberg

By Yoga Rusmana
April 11 (Bloomberg) -- Vallar Plc, Nathaniel Rothschild’s
investment vehicle, expects to complete a stake increase in PT
Bumi Resources of “close to” 50 percent through a share-swap
deal by May 10, the company’s executives said.
Vallar, which completed the acquisition of a 25 percent
stake in Bumi last month, will offer to swap 57.7 shares of
Indonesia’s largest coal producer for a share of Vallar, Daren
Morris, a co-founder of Vallar, said in Jakarta today.
“Under an ideal scenario in an ideal world we would end up
owning close to 50 percent of Bumi, which would really cement
the relationship between Bumi and Vallar,” Rothschild, co-
chairman of the Jersey, Channel Islands-based company, told
reporters. “I think from a stock market perspective the U.K.
investors would like to see that.”
Vallar agreed in November to invest $3 billion in Bumi and
PT Berau Coal Energy in a stock and cash transaction to tap
access to a growing mining sector in Indonesia, the world’s
largest thermal-coal exporter, amid rising demand for the fuel
from India and China. Vallar will be renamed Bumi Plc and is
expected to be listed on the FTSE 100 Index on the London Stock
Exchange in May, Morris said.
Bumi is planning to repay the first tranche of debt to
China Investment Corp. ahead of schedule in October this year,
while continuing its business relations with the Chinese
sovereign wealth fund, Rothschild said.
“I think given the Chinese appetite for resources, they
have strong desire to build on the relationship they have
already got with this group,” he said. “The level of leverage
in Bumi is not an issue at all; the issue obviously is the cost
of debt could be a lot lower.”
Bumi plans to repay early $600 million of debt due October
2013 to CIC as part of the company’s aim to reduce debt by $1
billion this year, Director Dileep Srivastava said Feb. 7.

Tender Offer

Vallar, which completed acquiring a 75 percent stake in
Berau Coal April 8, may offer this month to buy an additional
stake in the company at 540 rupiah (6 U.S. cents) apiece, Morris
said.
Vallar may keep a 5 percent stake of Berau Coal free-float
in the market after the tender offer and is planning to increase
it to 20 percent within the next two years, to comply with
Indonesian regulations, he said.
Vallar agreed to buy 26.2 billion shares of Berau Coal at
540 rupiah each or for a total of 14.1 trillion rupiah from PT
Bukit Mutiara, PT Recapital Securities, which helped arrange the
share sale, said in a statement to the stock exchange on April 6.

Bakrie’s Stake

Bakrie Group, the owner of Bumi, and Bukit Mutiara,
received shares in Vallar as part of the transactions. Bakrie
Group now owns about 54.6 percent and Bukit Mutiara has about
13.2 percent in the company, Vallar said in a statement April 8.
Rothschild was most recently co-chairman of New York-based
hedge-fund firm Atticus Capital LLC and the only son of British
financier Lord Jacob Rothschild. Vallar raised 707.2 million
pounds ($1.2 billion) in an initial public offering on the
London Stock Exchange in July.
Bumi was unchanged at 3,250 rupiah at 1:46 p.m. in Jakarta
trading. The stock has risen about 7 percent this year, compared
with the 1.3 percent gain on the benchmark Jakarta Composite
Index. Berau fell 1.8 percent to 550 rupiah.

For Related News and Information:
Top Indonesia, energy stories: TOP ID ETOP
For news on Bumi: BUMI IJ CN
For news on Vallar: VAA LN CN
For Indonesia’s coal stories: TNI INDO COAL

--Editors: Greg Ahlstrand

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