Days after coal producer PT Bumi Resources announced that it was planning to sell off two of its key mines, it has confirmed that it plans to merge with oil and gas firm Energi Mega Persada.
The expected merger won't take place till July, but the two publicly-listed companies plan to merge through a share-swap mechanism. If approved, the combined company will be No. 2 in its sector, behind state-owned PT Perusahaan Gas Negara.
The merger plan was confirmed to media in Jakarta during a briefing by the company on Tuesday March 21. It comes on the heels of Bumi announcing that it will sell...
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