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Sovereign Wealth Funds Briefing - Categorized | Financials, Market

Bumi Resources signs deal to sell 50pct stake in unit for $200 mln

Posted on 31 August 2012

Thermal coal company Bumi Resources has signed a pact to sell its entire 50% stake in unlisted coal unit PT Fajar Bumi Sakti for $200 million, people involved in the deal told Dow Jones Newswires on Friday, as it sheds assets to pay off some of its debt.
The move comes days after Bumi Resources reported that it swung to a net loss of $322 million in the first-half of 2012, raising concerns on how it will repay the $1.3 billion worth of loans it owes China Investment Corp., or CIC. A banker on the deal said Bumi Resources will use the proceeds from the stake sale to repay $600 million of its total loans from CIC………………………………………..Full Article: Source


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