HONG KONG/SINGAPORE (Reuters) – The owners of Indonesian mining services company BUMA have put the company back up for sale, sources said on Thursday, with private equity firms expected to bid for the roughly $1 billion business.
Bank of America (BAC.N) is running the process, sources say, led by legacy Merrill Lynch bankers.
Owners of the company, formally known as PT Bukit Makmur Mandiri Utama, tried to sell BUMA late in 2007, but failed to seal a deal.
The mining services company is being shopped to private equity firms in Asia, sources said. Private equity firms have previously been attracted to mining services companies, attracted to the industry’s steady cash flows and lack of direct exposure to commodity price fluctuations.
BUMA could not immediately be reached for comment. BofA declined to comment.
(Reporting by Michael Flaherty and Saeed Azhar, Editing by Jacqueline Wong)