The powerful Bakrie family in Indonesia is seeking to sever ties with the coal company by cancelling its indirect shareholding of 23.8%and purchasing an equivalent value worth $278.3m in the subsidiary Bumi Resources before December 2012.
Bumi said in a statement that the Board will recommend the share exchange proposal to its shareholders.
Bakrie Group, as part of a three-part proposal, seeks to buy 29% inetrest in PT Bumi Resources and 85% interest in Berau Coal Energy for $947m by June 2013.
In September, the board of Bumi Plc launched a probe to check possible financial irregularities at Bumi Resources with the transaction expected would primarily relieve the Bakrie family from the scrutiny of the London listing.
