Bloomberg News

Bumi Holder Seeks to Oust Co-Chairman Rothschild, CEO Hudaya

February 03, 2012

(Updates with closing share price in fourth paragraph.)

Feb. 3 (Bloomberg) -- Bumi Plc, the coal producer listed in London by Nathaniel Rothschild, said shareholder Borneo Bumi Energi & Metal Ltd. called a meeting as it seeks to remove Rothschild and Chief Executive Officer Ari Hudaya.

The shareholder is also proposing to oust fellow founder James Campbell, a former Anglo American Plc executive, Chief Financial Officer Andrew Beckham and directors Badung Tariono and Amir Sambodo at the meeting, a statement today shows.

It wants to appoint Indra Bakrie and Samin Tan as chairmen. Tan is president director of PT Borneo Lumbung Energi & Metal, which bought a stake in Bumi last month. It wants Nalinkant Amratlal Rathod named CEO, Scott Merrillees CFO, and Jean-Marc Mizrahi, Alexander Ramlie, Michael Lucente and Graham Holdaway as directors.

Bumi fell 4.5 percent to 850 pence in London trading, the biggest one-day decline in three months.

Rothschild, currently a Bumi Plc co-chairman, said last month he had mended relations with Bakrie, whose family are the equal-biggest shareholders with PT Borneo. Ties were frayed after Rothschild made public a letter to CEO Hudaya calling for a “radical cleaning up” of Bakrie’s PT Bumi Resources.

Billionaire Oleg Deripaska’s EN+ Group said yesterday Rothschild had resigned from its board “to concentrate on his principal investing activities including the two public companies that he founded: Bumi Plc and Genel Energy Plc, where he has significant ownership positions.”

--Editors: John Viljoen, Amanda Jordan

To contact the reporter on this story: Jesse Riseborough in London at jriseborough@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net


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