UPDATE 1-Indonesia regulator says Bumi acquisition "unfair"

(Adds comments from Bumi president, shares)

JAKARTA, June 17 (Reuters) - Indonesia's capital market regulator Bapepam has said that one of the three mining firms acquired by coal miner PT Bumi Resources Tbk (BUMI.JK) earlier this year was bought at an "unfair" price.

Bumi acquired three firms in the coal sector, PT Darma Henwa Tbk (DEWA.JK), PT Fajar Bumi Sakti, and PT Pendopo Energi Batubara for a total of 6.18 trillion rupiah ($607.4 million) in January, raising questions among many investors over the valuations used and corporate governance. [ID:nJAK99301]

"Out of the three firms acquired (by Bumi), Darma Henwa, Fajar Bumi Sakti and Pendopo, one was seen as unfair. Fajar Bumi Sakti was seen to be valued higher than a fair market price," Fuad Rahmany, the chief of market regulator Bapepam, said late on Tuesday.

Rahmany added that any decision to change the terms of the acquisition would have to be taken by Bumi's shareholders. Bapepam planned to meet with Bumi to discuss its findings, he said.

Ari Hudaya, president director of Bumi, said later on Wednesday that the firm would respect Bapepam's rulings and had been in touch with the seller of Fajar Bumi Sakti.

"Since last week we have been in contact with the sellers in order to re-negotiate the price," Hudaya told reporters.

"Starting from tomorrow (Thursday), we will finalise negotiations with the seller," he added, noting that he was due to go to Abu Dhabi for this purpose.

Hudaya, who said he hoped the renegotiation would be finished this week, said that if the seller did not accept a new price the deal could be cancelled.

Bumi is part of the diversified Bakrie group (BNBR.JK) which is controlled by the family of politician and cabinet minister Aburizal Bakrie.

It was briefly the biggest listed company on the Indonesian stock exchange last year, but fears over its debt level combined with a global financial market downturn hit the company's stock price. Its stock market value is $3.98 billion.

Bumi shares closed down 2.4 percent at 2,025 rupiah on Wednesday, while the broader index .JKSE eased 0.3 percent.

For a factbox on parent company Bakrie & Brothers, click [ID:nSP396314] ($1 = 10,175 rupiah) (Reporting by Andreas Ismar; Writing by Tyagita Silka; Editing by Sara Webb/Ed Davies)