Shareholders in miner Bumi back split with Bakrie family
• 18 Dec 2013
Pekerja memuat batu bara ke truk (Reuters//Amit Dave)
More than 91 percent of those voting supported a key vote on the sale of the Bumi Resources (BUMI.JK).
Reuters - Shareholders in Indonesia-focused coal miner Bumi Plc (BUMIP.L) have backed a planned split with the influential Bakrie family that co-founded the company, a key step towards the long-awaited overhaul of the group.
The divorce plan was widely expected to be approved at a shareholder meeting on Tuesday, after co-founder and investor Nat Rothschild struck a last-minute peace deal with management, and lent his support.
In the end, more than 91 percent of those voting supported a key vote on the sale of the Bumi Resources (BUMI.JK) subsidiary, paving the way for a split which investors hope can fundamentally revamp a business battered by boardroom rows, allegations of wrongdoing on all sides and a sharp drop in the price of coal.
(Reporting by Clara Ferreira-Marques; Editing by Andrew Callus)