Rothschild: Should Samin Tan Out of Bumi Plc

LONDON - The decision one representative Bakrie Group, Indra Bakrie to quit as co-chairman of Bumi Plc assessed Nat Rothschild has no meaning.
Indra, in his resignation letter to Bumi Plc said the reason was due to step down the original purpose of the Bakrie Group for listing on the London stock exchange have not been met. Bakrie Group had already volunteered to leave the company once working on along with Rothschild.

In October, the Bakrie Group has offered a proposal which is divided into three stages. First, to take ownership of 23.8 percent of Bumi PLC in exchange for a 10 percent stake in Bumi Resources.
In the second phase of the proposal, the Bakrie Group will purchase the remaining 18.9 percent stake in Bumi PLC Indonesian unit valued at USD278 million (Rp2, 6 trillion). Bakrie then be able to control 29 per cent of shares in Bumi Resources and need not be related to the Earth PLC.
In the third stage of the proposal, Bakrie will buy other mining assets owned by Bumi PLC, which is 85 percent stake in PT Berau Coal Energy valued at USD950 million (Rp9, 1 trillion).
Meanwhile, Rothschild which owns 12 per cent shares in Bumi Plc has submitted a counter proposal. Rothschild also has resigned from Bumi Plc.
"Bakrie did not attend the council meeting management for almost a year and he delegated his interests by Samin Tan," Rothschild said as quoted by Bloomberg, on Monday (12/10/2012).
The war between Bakrie and Bumi Plc Rothschild in Bumi Plc makes getting slammed. Bumi shares fell 0.3 percent on Dec. 7. The share price has slumped 69 percent this year.
Rothschild said the decline in stock prices was caused by Samin Tan involvement in Bumi Plc. Bumi Plc itself has fallen by 61 percent since Samin Tan was appointed as chairman of Bumi Plc on March 27.
"What we actually need is a discharge Samin Tan, and Rosan Roeslani (from Bumi Plc.) Without it, the Bumi Plc will not be normal," he said. (Wdi)
Sources: http://economy.okezone.com/read/2012/12/10/278/729732/