THE INDONESIAN shareholders in coal giant Bumi yesterday fired a shot across the bows of co-chairman Nat Rothschild by saying they were confident of garnering sufficient support to oust him.
Samin Tan and Indonesia’s Bakrie Group, who together own 29.9 per cent voting rights in Bumi, said last week they were seeking to oust financier Rothschild and other key directors from the board of the London-listed coal miner.
They require more than 50 per cent approval from shareholders. And yesterday Tan said: “We are very confident, otherwise we wouldn’t have done what we have done, because we believe we have the vision to help beautify the asset.”
He added that he would cut Bumi’s debt and create shareholder value. “We just want to achieve a board that is cohesive, collaborative.”
The Bakries – who set up their venture with Rothschild just over a year ago – sold half their stake in Bumi last November to a group backed by Tan as they sought to pay off debts.
Tan has proposed himself and Indra Bakrie as co-chairmen – the role currently held by Rothschild – and has also tabled resolutions to remove four other directors including James Campbell, a former Anglo American head of coal.
