Indonesia's Borneo Lumbung to buy 23.8% of Bumi Plc for $1 bln-sources

SINGAPORE Nov 1 (Reuters) - Indonesian coal miner Borneo Lumbung Energi , which is backed by investor Samin Tan, has agreed to buy an effective 23.8 percent stake in London-listed Bumi Plc from Bakrie Group in a $1 billion deal, sources told Reuters on Tuesday.

The deal would help Bakrie pay off the bulk of its $1.35 billion loan, according to the sources, who are close to the deal but could not be identified because it was not public.

"The deal was signed last night," one of the sources said.

Standard Chartered is advising Borneo and is also arranging the financing, while Credit Suisse is advising the Bakrie Group the sources said.

The companies involved could not be immediately reached for comments.

Tan controls 75 percent of Borneo and also owns Renaissance Capital.