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December 26, 2008

Indonesia’s Bakrie seals J-V deal with Northstar

PT Bakrie and Brothers announced Thursday it had reached agreement on all terms for a strategic partnership with Northstar Pacific, setting up a 70:30 joint venture company, reported local daily the Jakarta Post.

Under the deal, the joint venture, whose name has not been disclosed, would own 21.4 percent of shares in the world's largest producer of coal to fuel power plants, PT Bumi Resources.

"The most important benefit for Bakrie is we have not only executed this agreement with Northstar but solved the outstanding debt problem as well. This was following the global economic downturn at the end of September 2008, which unfairly affected the share price in our group of companies," said president director Nalinkant A. Rathod in a statement.

The deal with Northstar will also affect Bakrie's shareholdings in its four subsidiaries. According to Rathod's statement Bakrie's ownership would be as follows: 42.6 percent share in PT Bakrie Sumatra Plantations, 48.3 percent in PT Bakrie Telecom Tbk, 14.8 percent in PT Bakrieland Development and 43.2 percent PT Energi Mega Persada. All companies are publicly listed.

"The agreement has been reached against the backdrop of a closer and long-term strategic relationship between Bakrie and Northstar," Nalinkant added.

Both parties are committed to finalizing the transaction as soon as possible, he said.

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