JAKARTA Jan 10 Shareholders of Indonesia's Bumi
Resources, Asia's biggest thermal coal exporter,
approved on Friday a proposed $1.3 billion debt-for-equity swap
deal with China's sovereign wealth fund, CIC, despite
the absence of a key shareholder.
"I hope the deal will be final before Chinese New Year, this
month," said Andrew Beckham, a director at Bumi Resources.
A collapse of the Chinese deal would have been disastrous
for Bumi Resources, which has suffered downgrades from ratings
agencies and faces bloated debt even as coal prices remain soft.
Asia Resource Minerals, the London-listed company
previously known as Bumi Plc and which owns 29 percent of Bumi
Resources, said late on Thursday it would not attend the
Indonesian company's shareholder meeting on Friday.