Rothschild raises stake in coal venture Bumi

By @ibtimes on

Nat Rothschild has raised his stake in miner Bumi Plc to 11.7 percent, a regulatory filing showed on Thursday, in a sign of confidence in the coal venture despite public clashes between the financier and his Indonesian partners.

According to a filing after Indonesia-focussed Bumi published a quarterly trading update, the hedge fund veteran and scion of the Rothschild banking dynasty bought 110,000 shares at 9.11 pounds each earlier in the day, spending just over one million pounds to boost his holding.

Bumi shares, which have dropped more than 20 percent since they gained a full listing earlier this year, closed at 9.05 pounds on Thursday, up 1.7 percent.

Tensions between Rothschild and his partners in Bumi, the politically connected Bakrie family, have risen in recent weeks. A leaked letter from Rothschild to Ari Hudaya, chief executive of both Bumi Plc and affiliate PT Bumi Resources , last week called for a radical cleaning up of Jakarta-listed PT Bumi Resources, in a broadside read widely as a sign of frustration.

The Bakries have since gone public with their own criticism of Rothschild's approach.

Bumi Plc, which began life as Rothschild vehicle Vallar, gained a full London listing earlier this year.

Earlier on Thursday, Bumi reported it was on track to hit its 2011 production goal, with realised prices ahead of expectations.

(Reporting by Clara Ferreira-Marques; Editing by Steve Orlofsky)

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