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Selasa, 16 November 2010

Bakrie-Rothschild Build World-Class Mine


PT Bakrie & Brothers Tbk (BNBR) and several companies in the Bakrie Group signed a purchase agreement (sale and purchase agreement) with Vallar PLC (Vallar) to remove approximately 5.2 billion shares in PT Bumi Resources Tbk (BUMI) on the price of Rp2 .500 per unit.

By signing the purchase agreement, the Bakrie will acquire approximately 90.1 million new shares at Vallar. Bakrie & Brothers itself will receive approximately 50.5 million new shares at Vallar worth GBP 10 per share.

After the transaction was signed, Vallar will change its name to the Earth PLC.

Vallar PLC is a company listed on the London Stock Exchange. Vallar PLC was formed jointly by Nathaniel Rothschild and James Campbell, who has extensive experience investing and managing the mining companies worldwide.

With the completion of the transaction, Bakrie will become the largest shareholder in the Earth PLC. Bakrie right to appoint key positions on the board of directors and management of the Earth PLC, particularly the position of chairman, chief executive officer (CEO) and chief financial officer (CFO) in Vallar.
(Arinto Tri Wibowo, VIVA news)

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