Bumi Resources Clarifies Plans to Acquire Australian Mining Giant

Jakarta, CNBC Indonesia - Bakrie and Salim Group entity PT Bumi Resources Tbk (BUMI) has provided clarification regarding the company’s plan to acquire Loyal Metals Limited, a mining company listed on the Australian Securities Exchange (ASX). Bumi Resources Director RA Sri Dharmayanti revealed that the company has signed a scheme implementation deed (SID) with Loyal Metals Limited, which serves as a preliminary agreement and basic framework to commence the acquisition process. “As of now, the acquisition process is still at the stage of fulfilling requirements, so no transfer of funds or shares has occurred,” Sri explained in an information disclosure. She added that the completion of this transaction remains dependent on the fulfilment of several conditions precedent, including approval from Loyal Metals shareholders and compliance with applicable legal processes and provisions in Australia. “Other general requirements include that if these conditions have not been entirely met, the acquisition transaction cannot be declared complete and will not have any legal consequences regarding the transfer of Loyal Metals Limited’s ownership to the company,” Sri stated.