Bumi shares slump after miner warns of separation plan delay

 
Suzie Neuwirth
TROUBLED miner Bumi’s share price dropped almost three per cent yesterday, after it announced that there is now “less certainty around the timing and status” of its separation from the Bakrie Group.

A circular regarding the proposed deal was scheduled to be sent round to shareholders in September but yesterday the FSTE 250 firm said that due to the complex nature of the deal, certain items “remain outstanding”.

The company – which has been caught in a tug of war between its feuding co-founders, financier Nat Rothschild and Indonesia’s Bakrie family – would not give more details on the potential delay but it is thought that it is regarding Bakrie monies in escrow which are needed to facilitate the separation.

Bumi’s shares closed 2.9 per cent lower at 211.20p.