Bumi Plc chairman secures funding from Austria's Raiffeisen for split with Bakries

JAKARTA, Nov 26 (Reuters) - Bumi Plc (Other OTC: VLLRF - news) chairman Samin Tan said he has secured a $223 million loan from Austria's Raiffeisen Bank International AG (Xetra: A0D9SU - news) that could pave the way for a planned split between the London-listed coal miner and Indonesia's Bakrie family.

"Confirm," Tan said in an email on Tuesday, when asked about a report in the Wall Street Journal quoting him as saying that the loan has been approved by the bank's credit committee.

The split, if approved by investors, will see the Bakries sell their stake to Tan. The Bakries will then buy back Bumi's 29.2 percent stake in troubled Jakarta-listed unit PT Bumi Resources for $501 million, above the market price.

After missing an earlier deadline, Tan had been given until Nov. 29 to prove to Bumi's board that he had the finances in place.

As a result of that delay, Bumi postponed a shareholder vote on the split which had been set for Dec. 4. There has been no new date set for that vote.

Tan would hold 47.6 percent of the miner if the deal is completed.