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