This afternoon the 25% BUMI sale to Vallar (VAA LN) finally took place.
- 5.19bn shs@ 2500 was crossed in the market, worth about USD 1,477m.
- Prior to this cross a number of other crosses took place, about 3.4bn shs at various levels, which are likely antecedents and related to the above transaction.
- Today was the imposed deadline to close this deal failing which a USD 150m penalty would be levied against Bakrie. So it's a good thing it closed.
- The sale/purchase prospectus also mentioned a "step-up" possibility which could see Vallar increasing its stake in BUMI to 51%.