London-listed Bumi Plc is moving ahead with its plans of splitting from Indonesia’s controversial Bakrie family, the firm co-founders, by calling its shareholders to approve the long-sought separation on December 4.
While the miner said it has received assurances from various parties that funds will be in place to complete deal, it noted it has no proof to back those assurances.
“We have repeatedly sought assurances on financing. They have both, [Bumi Chairman] Samin Tan and the Bakrie group, [said] that the financing will be in place when it comes to the closing of this transaction,” said Bumi’s Chief Executive Nick von Schirnding, but “we have not had proof of funding.”