| KhattarWong advises PT Borneo Lumbung Energi & Metal in its acquisition of a 23.8% stake in Bumi Plc worth US$1 billion |  |
21 November 2011 KhattarWong is advising PT Borneo Lumbung Energi & Metal (Borneo), as Singapore counsel, in its proposed acquisition of an effective interest of approximately 23.8% stake in Bumi Plc (Bumi), a leading natural resources company listed on the London Stock Exchange (LSE), from PT Bakrie & Brothers Tbk (Bakrie) and Long Haul Holdings Limited for a total consideration of US$1 billion. The transaction by way of a sale and purchase agreement values Bumi’s shares at approximately 10.91 pound each at announcement date, a premium of approximately 46% to the closing price of Bumi Plc's shares on the LSE on 31st October 2011. Borneo, a company listed on Indonesia Stock Exchange, is Indonesia’s only producer of hard coking coal. The acquisition was announced on 1 November 2011 and, subject to relevant approvals being obtained, is expected to complete in December 2011. The team at KhattarWong advising on the transaction is led by Perry Yuen, other Partners involved in the transaction include Pearl Lim and Ng Yeow Khoon, and supported by Shaun Tan and Adrian Chin. |