UPDATE 1-Indonesia's Bakrie to lift Bumi, Bakrieland stakes

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JAKARTA, June 30 (Reuters) - Indonesia's PT Bakrie & Brothers Tbk (BNBR.JK) said on Tuesday it plans to raise its stake in coal miner PT Bumi Resources Tbk (BUMI.JK) to about 27 percent from 20 percent currently.

The diversified group, whose interests range from plantations to telecoms and coal, struck a number of deals, including sale stakes, late last year to help repay around $1.2 billion in debt.

Director Dileep Srivastava also said Bakrie & Brothers planned to buy back shares in property firm PT Bakrieland Development Tbk (ELTY.JK) to lift its stake to 23-25 percent from 15 percent currently.

A call option would be exercised to lift its stake by 7.78 percent in Bakrieland, said Srivastava, without elaborating.

Bumi Resources was involved in some controversial acquisitions of coal mines in January.

The firm last week revised the terms of one of three coal mine acquisitions after investors complained about corporate governance and a market watchdog said valuations were unfair

Bumi had planned to buy a 76.7 percent stake in Fajar Bumi for 2.47 trillion rupiah ($241.9 million), but after market watchdog Bapepam said the price was too high, it agreed to re-negotiate the terms. [ID:nJAK469152]

Another director, Ari Hudaya, said Bakrie & Brothers also planned to seek loans to finance its investment plans using assets as collateral. He did not elaborate.

The politically connected Bakrie group, controlled by the family of Indonesia's chief welfare minister Aburizal Barkie, has previously said its debts have been halved to the equivalent of $627 million. [ID:nJAK414315]

Bakrie shares were trading down 4.3 percent, Bumi's shares slipped 0.5 percent and Bakrieland fell 1.7 percent by 0720 GMT.

The benchmark index was little changed .JKSE

For a factbox on Bakrie & Brothers please double click on [ID:nSP396314] (Reporting by Andreas Ismar; Writing by Dicky Kristanto; Editing by Ed Davies)