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Tuesday, 16 November 10
'VALLAR PLC' TO BECOME 'BUMI PLC' POST DEAL - THE JAKARTA POST


The Jakarta Post reported that, The United Kingdom’s Vallar Plc will change its name to Bumi Plc following a cash and stock transaction with two Indonesian coal giants, Bumi Resources and Berau Coal Energy, co-founder of the London stock exchange-listed firm has said.

Nathaniel Rothschild told reporters in a teleconference on Tuesday that the transformation process from “Vallar Plc” to “Bumi Plc” would take five months and be complete by April 2011 at the latest.

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Rosan P. Roeslani, president director of Recapital, which owns Berau, said on Tuesday that the partnership would create a new entity named Bumi Plc, “in which Bumi and Recapital will hold the controlling 60 percent stake”.

Nathaniel and Indra Bakrie will be chairmen at the new entity, while Ari Hudaya, the current chief executive officer of Bumi, will be the CEO of “Bumi Plc”, Rosan added. (est)
Source: The Jakarta Post



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