*DJ Bakrie & Brothers Expects To Complete Bumi Sale By End Of Dec*
JAKARTA (Dow Jones)--Diversified holding company PT Bakrie & Brothers (BNBR.JK) said it remains optimistic it would be able to complete the sale of a 35% stake in coal mining unit PT Bumi Resources (BUMI.JK) by the end of this month, although it failed to reach a quorum at a shareholders meeting Thursday to approve the plan. "We are confident that by the end of this month our negotiation with Northstar Pacific Partners Ltd. and other investors will be completed," Bakrie & Brothers spokesman Dileep Srivastava said. The statement came after shareholders of the company didn't reach quorum to approve the stake sale that was initially scheduled as first agenda at the shareholders meeting. Only 66% of Bakrie & Brothers attended the meeting. The company needs at least 75% of its shareholders to attend the meeting. Analysts said the company can again invite shareholders to a second meeting, which would require 50% shareholder attendance. Srivastava didn't give any other details. Meanwhile, Glenn Sugita, a director at Northstar, said that Northstar remains committed to buy Bumi shares from Bakrie & Brothers. Northstar in October agreed to buy a 35% stake in Bumi for $1.3 billion, pending the completion of due diligence to examine Bumi's financial performance. The proceeds of the stake sale in Bumi will be used to help repay $1.2 billion debts which will mostly mature in April 2009. -By Linda Silaen; Dow Jones Newswires; 62 21 3983 1277 <livecall:2139831277>; [EMAIL PROTECTED] Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=OBSC4tG5tv93CjIHwO9G9A%3D%3D. You can use this link on the day this article is published and the following day. (END) Dow Jones Newswires December 11, 2008 06:06 ET (11:06 GMT) Copyright (c) 2008 Dow Jones & Company, Inc.- - 06 06 AM EST 12-11-08
