JAKARTA, April 3 (Reuters) - Shareholders in Indonesia's troubled PT Bumi Resources voted on Thursday in favour of new terms to settle the firm's $1.3 billion debt with China's sovereign wealth fund, CIC, after Indonesia's financial services authority (OJK) rejected an earlier vote.
The latest vote to approve the debt-for-equity swap with CIC should come as good news for shareholders in the firm that has suffered downgrades from ratings agencies and faces bloated debt loads.
In an extraordinary shareholders meeting on Thursday, Bumi Resources secured the minimum 40 percent quorum needed to pass a critical resolution on the transfer to CIC of part of its ownership in Indonesia's biggest coal miner, PT Kaltim Prima Coal, and Jakarta-listed PT Bumi Resources Minerals, to settle its debts, Bumi Resources' investor relations chief, Ahmad Reza Widjaya, said.
"The OJK asked us to repeat the (vote) on the Bumi Resources Minerals and KPC share swap with CIC because (previously) the second and third items on the agenda had not been approved," Wijaya told reporters, referring to an earlier vote in favour of the deal in January.
In London last month, the Bakrie Group that co-founded Bumi Resources paid $278 million to finalise its separation from Asia Resources Minerals after a lengthy spat with the firm's financier, Nat Rothschild.
Indonesia's wealthy and politically connected Bakrie family are now the majority owners in Bumi Resources. (Reporting by Fathiyah Dahrul; Writing by Fergus Jensen; Editing by Matt Driskill)