Replica Bags JAKARTA, Jan 10 (Reuters) Shareholders of Indonesia Bumi Resources, Asia biggest thermal coal exporter, approved a crucial $1.3 billion debt for equity swap deal with China sovereign wealth fund, CIC, even without the presence of its largest ownerOnly one third of shareholders were required to approve the deal after the Indonesian company delayed a previous vote from Dec. 20hope the deal will be final before Chinese New Year, this month, Andrew Beckham, a director at Bumi Resources, saidA collapse of the Chinese deal would have been disastrous for Bumi Resources, which has suffered downgrades from ratings agencies and faces a heavy debt burden even as coal prices remain softAsia Resource Minerals (ARM), which owns 29 percent of Bumi Resources, said late on Thursday it would not attend the shareholder meeting on FridayARM, formerly known as Bumi Plc, said in a previous statement that its participation in the vote would not be appropriate, since its stake in Bumi Resources should soon be transferred to the Bakrie Group as part of a complex separation of ARM from the influential Bakrie family that co founded it in 2010Under the deal, the Bakrie family is to sell its stake in ARM to outgoing chairman Samin Tan and buy back ARM stake in PT Bumi Resources as part of a plan to revive the London listed company after it was battered by boardroom rows and weak coal pricesthink from an Asia Resource Minerals point of view, it was a wise move not to take part to the vote, as it could have been seen as conflicted because of the separation, a source close to ARM saiddeal with CIC dilutes all other equity holders but also takes debt off the balance sheet, which is beneficial. So if you do the math, it actually good for the shareholdersEXPENSIVE DEBT Under the proposed deal, CIC will convert the $1.3 billion owed to it by Bumi Resources into stakes of 19 percent in PT Kaltim Prima Coal, 42 percent in Wholesale Replica Bags Bumi Resources Minerals and around 18 percent in Bumi ResourcesThe transaction would cut Bumi Resources total debt by 30 percent to $3.4 billion from a September 2013 level of $4.9 billion, according to a company presentation in DecemberBumi called the deal the solution to most expensive debt in the company capital structure and said it would also lead to a reduction in annual interest costs and an improvement in free cash flowit goes through, it good for everybody. Replica Bags
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