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• Indonesia Investors Confident on Bumi Board Shake-up

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  Felix Widmer    Premium Member   Group moderator

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  Indonesia Investors Confident on Bumi Board Shake-up

  The Indonesian major shareholders of Bumi Plc are confident of winning approval for a shake-up of the coal miner’s board that would remove co-chairman Nat Rothschild, investor Samin Tan said on Tuesday.
  
  Tan and Indonesian conglomerate the Bakrie Group, who together own 29.9 percent voting rights in Bumi Plc, said last Friday they sought to oust financier Rothschild and other key directors from the board of the London-listed coal miner, and require more than 50 percent approval from shareholders.
  
  “We are very confident, otherwise we wouldn’t have done what we have done, because we believe we have the vision to help beautify the asset,” Tan told Reuters in an interview, adding he had already talked to some institutional shareholders.
  
  “We just want to achieve a board that is cohesive, collaborative,” Tan said, adding that he had seen media reports of discord between Rothschild and the Bakrie Group, but he hoped Rothschild would remain a shareholder.
  
  Tan in November paid $1 billion (631 million pounds) for his coking coal firm Borneo Lumbung Energi & Metal to get a 23.8 percent stake in Bumi, one of the world’s biggest thermal coal exporters. Rothschild owns just under a 12 percent stake in Bumi.
  
  Source: Jakarta Globe. http://bit.ly/wcMVPn
  
  • 07 Feb 2012, 12:12 pm
  Felix Widmer wrote: > The Indonesian major shareholders of Bumi Plc are confident of > winning approval for a shake-up of the coal miner’s board that would > remove co-chairman Nat Rothschild, investor Samin Tan said on Tuesday. > > Tan and Indonesian conglomerate the Bakrie Group, who together own > 29.9 percent voting rights in Bumi Plc, said last Friday they sought > to oust financier Rothschild and other key directors from the board > of the London-listed coal miner, and require more than 50 percent > approval from shareholders. > > “We are very confident, otherwise we wouldn’t have done what we have > done, because we believe we have the vision to help beautify the > asset,” Tan told Reuters in an interview, adding he had already > talked to some institutional shareholders. > > “We just want to achieve a board that is cohesive, collaborative,” > Tan said, adding that he had seen media reports of discord between > Rothschild and the Bakrie Group, but he hoped Rothschild would remain > a shareholder. > > Tan in November paid $1 billion (631 million pounds) for his coking > coal firm Borneo Lumbung Energi & Metal to get a 23.8 percent stake > in Bumi, one of the world’s biggest thermal coal exporters. > Rothschild owns just under a 12 percent stake in Bumi. > > Source: Jakarta Globe. http://bit.ly/wcMVPn