Jakarta. Bumi Resources, Indonesia's largest listed coal miner, is asking for the shareholders' approval for a plan to help the miner pay back its debt and see the Salim family, one of Indonesia's largest conglomerates, becoming its largest shareholders. 

According to Bumi's statement, the company plans to hold an extraordinary general meeting of shareholders (EGM) on Tuesday to get its shareholders to approve a non-pre-emptive rights (NPR) issue of $1.6 billion. Under the private placement plan, the company would sell 200 billion C-series shares at Rp 120 per share.

"The NPR issue will obviate the risk of Bumi going into liquidation under the PKPU [suspension of debt payment obligations] terms or requiring Bumi to negotiate and agree on restructuring its total debt with the lenders," Bumi said in a statement. 

Under the private placement plan, Mach Energy (Hongkong) and Treasure Global Investments, two offshore entities affiliated with Anthoni Salim, stand as the investor in the transaction. 

Anthoni Salim controls a 42.5 percent share of Mach Energy (Hongkong) through a Singapore-based entity with a similar name, Mach Energy (Singapore). Other shareholders in Mach Energy (Hongkong) are Bakrie Capital Indonesia, with 42.5 percent ownership, and an entity controlled by Agoes Projosasmito, Clover Wide, which owns 15 percent. 

Mach Energy (Singapore) also holds 83.85 percent shares in Treasure Global Investments, with Agoes's Aswana Pinasthika Investasi holding the remainder of the claims. 

Bumi said Mach Energy (Hongkong) would take up 85 percent of shares issued in the private placement, while Treasure Global Investments would get the remaining 15 percent. Under this structure, Salim would have at least 37.15 percent in Bumi. 

After the private placement, Bakrie Group would control 28.38 percent of shares in Bumi. The private placement would not change the company's controlling shareholders' structure. Dileep Srivastava, Bumi's corporate secretary, said Bakrie Group would remain the company's controlling shareholder. 

According to a separate statement from Bumi to the Indonesia Stock Exchange, the Bakrie Group, a diverse conglomerate controlled by tycoon cum politician Aburizal Bakrie, holds 17.61 percent of the coal miner's shares through various subsidiaries.

These include Bakrie Capital Indonesia, which controls 0,063 percent in Bumi; Biofuel Indo Sumatera (1.052 percent); Multi Mandiri Pratama (0.001 percent); NBS Clients (9,114 percent); Watiga Trust (5,365 percent); Long Haul Holdings (2,012 percent) and Long Haul Indonesia (0,003 percent).