Extraordinary share holders meeting of PT Bumi Resources Tbk (BUMI) today has approved the issue of 10% new shares without preemptive rights at Rp2.366 per share.
Annual general meeting of Bumi share holders also approves dividend payout ratio of 30% or Rp524 billion or Rp27.68 per share from its net profit last year.
BUMI's Corporate Secretary Dileep Srivastava said the company will distribute the dividend to share holders in July or August.
In relation to non preemptive rights, he said after obtaining approval from share holders, Bumi hopes that it enables to issue new shares for possible 4 main creditors, Country Forest, wholly owned by China Investment Corporation (CIC), Raiffeisen Zentralbank Osterreich, Credit Suisse (CS), and JPMorgan Chase Bank N.A.
"We expect to realize the plan as soon as possible before September 30 2010," Dileep said.
Bumi has extended settlement date of non preemptive rights for 2 months from initial schedule of July 30 2010 to September 30. "The creditors are committed to become standby buyers for BUMI's new shares," he said.
As of June 2010, Bumi estimates to post 31 million tons of coal sales volume compared to the same period last year of 28 million tons. With the average selling price at US$70 per ton, Bumi hopes to book a higher revenue this year compared to the previous year.
"Bumi's cash is also storng because the company expects to book higher EBITDA and obtain US$445 million from assets sale," Dileep said.
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