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China Daily | Updated: 2013-10-10 07:21
CIC to convert some debt into stakes in PT Bumi
Indonesia's PT Bumi Resources said on Wednesday that sovereign wealth fund China Investment Corp will convert part of an outstanding $1.3 billion loan into stakes in the miner's PT Bumi Resources Minerals unit, its coal mines and a small stake in Bumi Resources itself. The move follows a last-minute, $425 million debt extension by the coal mining group, controlled by the politically connected Bakrie family, earlier this month.
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