Long Haul sells 5.2% stake in Bumi

Long Haul sells 5.2% stake in Bumi

JAKARTA: Long Haul Holdings Ltd. has sold around 1 billion
shares, or a 5.2 percent stake, in PT Bumi Resources to investors
from Europe, Asia and America, a Bumi's director said Thursday.

"We were informed by Long Haul that they sold the shares at Rp
270 (3.1 U.S. cents) each early this week ," said Eddie Sobari,
the finance director at Bumi.

He didn't provide the name of the investors that bought Bumi
shares.

Long Haul Holdings, an investment company based in the Jersey
Islands, is controlled by Indonesia's Bakrie Group.

The sale in Bumi was aimed at increasing the quality of
foreign investors in the company, Eddie said, without
elaboration. After the sale, Long Haul now holds a 55.08 percent
stake in Bumi, down from 60.23 percent previously.

BNP Paribas acted as the bookrunner and underwriter for the
sale, he added.

In October, Bumi took over the entire PT Kaltim Prima Coal,
one of the country's largest coal miners, from Rio Tinto Plc.
(RTP) and BP Plc (BP) for $500 million, which includes assumed
debt. -- Dow Jones