For Immediate Release
11 October 2012
Proposal received from shareholders
The Board of Bumi plc ("the Company") has received a proposal from PT Bakrie and Brothers Tbk and Long Haul Holdings Limited (collectively the "Bakrie Group") to cancel their indirect approximately 23.8% shareholding in the Company, in exchange for an equivalent value of PT Bumi Resources Tbk ("Bumi Tbk") shares representing 10.3% of the total outstanding share capital of Bumi Tbk as presently held through the Company. In addition, the Bakrie Group has made a conditional proposal to buy back the remaining 18.9% shareholding in Bumi Tbk for cash before Christmas 2012.
The Board is considering the share exchange proposal and will make a recommendation to shareholders. It will also consider the offer to buy back the remaining 18.9% shareholding in Bumi Tbk.
The Bakrie Group has further made a conditional proposal to make a cash offer within the next six months for the Company's approximately 84.7% shareholding in PT Berau Coal Energy Tbk.
For further information please contact:
Nick von Schirnding
Tel: +44 (0) 20 7201 7507
J.P. Morgan Cazenove
James Taylor / Neil Passmore
Tel: +44 (0) 20 7588 2828
Tel: +44 (0) 20 7251 3801