The stake was valued at $950 million, reducing Bumi’s debt to CIC to $1.04 billion. Bumi President Director Ari Hudaya said that he welcomed CIC as his company’s equity partner, adding that the transfer was a major step in the restructuring of Bumi’s financial performance and the reduction of its debt. “We are confident our revised capital structure and the recovery of coal prices will enable us to return to profit making,” he said in a statement.