Bumi said late last week it would sell 100% of PT Arutmin Indonesia and a 95% stake of PT Kaltim Prima Coal (KPC) to a consortium led by Indonesia’s PT Borneo Lumbung Energi.
Reuters reported other members of the consortium included Australia’s Leighton Holdings and Japanese trading house Marubeni Corp. Leighton already has ties with Bumi as a mining contractor.
Trading of Bumi shares on the Jakarta Stock Exchange was halted on Friday when the news was released.
Bumi, established in 1973, is listed on the Jakarta Stock Exchange and Surabaya Stock Exchange and has interests in coal, oil & gas and hotels. The company is majority owned by the family of Indonesian Welfare Minister Aburizal Bakrie.
Reuters reported Bakrie wishes to use proceeds from the sale to build a coal liquefaction plant and to produce biodiesel.
The sale is subject to approval from Bumi's shareholders.