JAKARTA, Sept 8 Commodity trading giant
Glencore [GLEN.UL] has bought a $200 million stake in
Indonesia's biggest coal miner PT Bumi Resources (BUMI.JK), the
miner's biggest shareholder said on Wednesday.
PT Bakrie and Brothers (BNBR.JK), controlled by the Bakrie
family and Bumi's biggest single shareholder with a 19.3
percent stake, said in its first half financial statement on
Tuesday it had signed a share swap deal with Glencore on June
Eddy Soeparno, Bakrie's financial director, told Reuters
Glencore had already bought $200 million worth of Bumi stock
"We have an option to buy back the stake from Glencore
within two years," Soeparno said.
Dileep Srivastava, a director at Bumi, also confirmed
Glencore had already bought into the firm in June, but declined
to give the size of the stake.
According to Reuters calculations, and based on Bumi's
average closing share price and the rupiah IDR= exchange rate
between June 28 to June 30, the deal may mean Glencore owns
about a 4.95 percent stake in Bumi.
Soeparno said Glencore -- a marketing agent for Bumi coal
-- saw Bumi shares appreciating in the future.
Glencore was not immediately available for comment.
A source at Bakrie and Brothers who declined to be
identified said the investment holding firm did not have enough
cash to increase its stake in Bumi at the moment, but also saw
potential upside for the miner's shares.
Bumi's stock has tumbled 29 percent so far this year,
underperforming a Jakarta market .JKSE up 27 percent, because
of concerns about corporate governance and high debt. Its
forward PE ratio is 6.15, versus 10.36 for rival Adaro Energy
Privately held Glencore, the world's biggest commodities
trader, has become a global marketing agent outside Japan for
PT Kaltim Prima Coal, Bumi's main coal mining unit.
Indonesia is the world's largest exporter of thermal coal,
which is seeing growing demand from regional power stations.
(Reporting by Janeman Latul, Editing by Neil Chatterjee)