Bumi cashes in

PT Bumi Resources sells its prized coal mines.
PT Bumi Resources is cashing in on coal -- to the tune of $3.2 billion.

Indonesia's largest coal exporter says it will sell its prize assets -- 95% of PT Kaltim Prima Coal and all of PT Arutmin Indonesia and IndoCoal Resources Ltd. -- for $3.2 billion to a group of investors who include Jakarta-based PT Renaissance Capital Asia.

Credit Suisse is advising Renaissance Capital Asia on the sale. Renaissance Capital is run by Samin Tan, a former Deloitte Touche Tohmatsu partner.

The deal marks the second-largest divestment of a local company -- behind last yearÆs record deal by the Sampoerna family when it sold its entire stake in cigarette producer PT H.M. Sampoerna...
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