07.07.2014 - Bumi transfers 19% KPC stake to China’s CIC in debt deal
Coal miner Bumi Resources confirmed the transfer of a 19 per cent stake in Kaltim Prima Coal (KPC) valued at US$950 million (RM3.03 billion) to China Investment Corporation as part of the debt-to-equity deal agreed to in October last year, Bumi said in a statement last Thursday. The coal miner said it owes US$1.99 billion to the Chinese sovereign wealth fund in the form of a principal loan, deferred interest and make-whole costs. With the share transfer, its debt to CIC has been further reduced to US$1.04 billion...............................................Full Article: Source
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