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Bakrie

Family business roundup: Velan invests, CFR buys and the Bakries exit Bumi

July 12, 2013

Canadian valve maker Velan is investing heavily in Asia to drive growth, CFR aims to crack the African market and the Bakrie family finally get shot of their troublesome Bumi stake.

Velan
Velan, the Montreal-based industrial valve manufacturer, has announced it is planning to invest heavily in Asia to further its aim of becoming the world's leading high-tech valve producer.

Bakrie family looks to step back from Bumi

October 11, 2012

The Bakrie family, which controls the namesake Indonesian conglomerate, plans to sever ties with London-listed coal group Bumi, on the back of ongoing shareholder dispute and an investigation into financial irregularities at the Asian family business.

In a statement on 11 October, the Bakrie Group said it wants to acquire all of Bumi’s operating assets, swapping it for cash and the family’s 23.8% indirect stake in Bumi.

Loan default concerns sees Bakrie family sell partial stake in Bumi

November 2, 2011

The Bakrie Group is selling a 23.8% stake in London-listed Bumi in a $1 billion (€730 million) deal aimed at avoiding a loan default.

Coal miner PT Borneo Lumbung Energi will buy the shares, after talks between the Indonesian family business and Swiss-based Glencore, the world's largest diversified commodity trader, failed.

The sale will go someway to paying back a $1.3 billion loan the family currently owes a syndicate led by Credit Suisse.

Bakrie family risks losing stake in business over a $1.3 billion loan

October 7, 2011

Indonesia's Bakrie family risks losing control of coalminer Bumi plc, with reports suggesting the family is considering selling its stake to repay a $1.3 billion (€964 million) loan to a syndicate led by Credit Suisse.

According to the Financial Times, the family may sell all or part of its 47% stake in Bumi in order to repay a $1.3 billion loan the company used to consolidate its debt before being listed on the London Stock Exchange in April 2011.