JAKARTA, April 3 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
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)