Indonesian leading mining firm PT Bumi Resources said Friday it has sold its stake in mining units for 3.2 billion U.S. dollars and planned to shift business to oil and gas sector.

The company said in a statement it has sold a 95 percent stake in PT Kaltim Prima Coal and a 100 percent stake in PT Arutmin and PT Indocoal Resources Limited to PT Borneo Lumbung Energi, an affiliate of PT Renaissance Capital.

The sale agreement was signed Thursday, it said.

"The growing demand for energy resources in domestic markets, as well Asian markets like China and India, provides opportunities for Bumi to expand further," said Bumi resources head Geroad Jusuf.

The selling of stakes in its coal units is part of the company's strategy to become the top energy company in the country, he said.

Local news website Detikcom said the stake sale could become the largest transaction in the country's capital market this year after cigarette giant HM Sampoerna sold its stake for 2 billion dollars last year.

Source: Xinhua