Shareholders of coal producer Bumi Plc would reportedly cast their votes regarding a proposed USD501 million spin-off from the Bakrie family of Indonesia. Both Bumi and the Bakrie family are involved in an ownership dispute.

In a statement released by the London-listed company, Chairman Samin Tan was said to have satisfied a condition of the spin-off deal regarding the financing of his USD223 million share to buy out the 23.8% stake in Bumi owned by the Bakrie family. An initial meeting that was set on December 4 had been scrapped after Tan failed to provide financing proof, ergo missing a deadline.

The shareholder voting regarding the two-stage deal will be held in the week of December 16, and that the transaction was expected to be finalized in January, Bumi added.

The Bakrie family's exit plan will also entail Bumi selling its 29% ownership stake in Jakarta-based PT Bumi Resources to the family for USD501 million. Once the deal will be finalized, Bumi's stake in PT Berau Coal Holdings will be at 76%.

Since October, both Bumi and the Bakrie family had been working on an arrangement for the latter's exit. The decision for the Bakrie family to exit the coal producer was when the former and fellow founding partner Nathaniel Rothschild had a falling-out stemming from the probe by both Indonesia and the UK authorities regarding financial irregularities in Bumi. Rothschild, who is a scion of a British banking dynasty, has a 21% voting share interest, the report said. Bloomberg noted in its report that Rothschild did not disclose his plans on how he would be voting on the deal. In order for the deal to push through, the news agency said 50% of the investors should approve it.

Shares of the coal producer dove 0.1% to 221.75 at trading close in London yesterday, putting the company's value at GBP534 million or USD873 million