BUMI Set to Take Control of Australian Mining Company After Acquisition Plan Approved
Mon 24 Aug 2026, 16:36 PM
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PT Bumi Resources Tbk (BUMI)’s plan to acquire 100% of the shares of Loyal Metals Limited has entered a new phase.
Loyal Metals Limited shareholders have approved the acquisition plan through a court-approved scheme of arrangement.
According to an announcement by Loyal Metals Limited, shareholders voted and met the required majority threshold to approve the scheme.
Under the scheme, BUMI or a wholly owned subsidiary of BUMI will acquire 100% of the issued shares in Loyal Metals. In return, Loyal Metals shareholders will receive a cash payment of AUD 0.45 (USD 0.45) per share.
“Subject to the satisfaction of the various conditions previously announced by the company to the ASX on April 27, 2026,” Loyal Metals said in its announcement on Thursday (August 20, 2026).
In the vote, 99.86% of votes cast by shareholders were in favor of the acquisition scheme.
Meanwhile, based on the number of shareholders present and voting, either in person or through a proxy, attorney, or corporate representative, 95.96% expressed support for the scheme.
Previously, BUMI had provided clarification to the Indonesia Stock Exchange (IDX) regarding its planned acquisition of Loyal Metals Limited. The clarification followed an IDX request for an explanation concerning reports about the planned acquisition of the mining company listed on the Australian Securities Exchange (ASX).
BUMI Director RA Sri Dharmayanti said the company had signed a scheme implementation deed (SID) with Loyal Metals Limited. The agreement serves as the framework for the two companies to begin the acquisition process.
However, when providing clarification to the IDX in early August 2026, the acquisition process was still at the stage of fulfilling various conditions.
“As of now, the acquisition process remains at the stage of fulfilling the conditions, so no transfer of funds or shares has taken place,” Sri said in an information disclosure.
She explained that completion of the transaction remains subject to the fulfillment of several conditions precedent. These include approval from Loyal Metals shareholders as well as compliance with applicable legal processes and requirements in Australia.
“Another general condition is that, until all of these requirements have been fulfilled, the acquisition transaction cannot be deemed completed and does not have any legal effect whatsoever on the transfer of ownership of Loyal Metals Limited to the company,” she added.
Loyal Metals Limited (ASX: LLM) is an Australian resource exploration company focused on critical minerals, copper, and gold.
The company has several projects and assets, including the Highway Reward Copper-Gold Mine in Queensland, as well as lithium assets.
With approval now secured from Loyal Metals shareholders, BUMI’s acquisition process has entered the next stage before the transaction can be completed in accordance with the applicable terms and conditions.
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