Bumi PLC was, in essence, a blank-check company. Nathaniel promised to usc the IPO
proceeds to buy assets in the natural resources sector within two years. LSE-Iisted shell
company had the funds, capability, and the mandate to unlock the value of firms where
current owners lacked the capital or technical expertise to develop the assets The idea to
bring UK-style corporate governance and legal protection to the Indonesian coal mining
industry was set in motion. Bumi PLC became the third Indonesia-focused company to join
the LSE Main Market with a premium listing, which ensured the highest regulatory standards
and made it eligible for inclusion in the internationally recognized and tracked FTSE
indices.