Bumi Plc was set up by Rothschild and the Indonesian Bakrie Group in 2010 by connecting huge coal resources in Indonesia to European investors' appetite for undervalued coal assets. However, after Rothschild accused Bumi Resources (in which Bumi Plc holds a 29.2 percent stake) of financial irregularities, the relationship between both sides soon deteriorated until a split was the only way out.

The Bakrie Group will swap its 23.8 percent stake in Bumi Plc for Bumi Plc's 10.3 percent stake in Bumi Resources. The remaining 18.9 percent of Bumi Plc's stake in Bumi Resources will be sold to the Bakrie Group for US $278 million in cash.