Sep 24, 2010

BUMI to issue US$361 mio new shares

Indonesia's largest thermal coal producer PT Bumi Resources Tbk (BUMI) will issue 1.37 billion new shares or 7.06% stakes at IDR2.366 per share or US$361 million during non preemptive rights. The size is below a maximum target of 10% new shares as previously announced in late June.  
"Bumi will sell 7.06% new shares during non preemptive rights and list on October 5 2010," a source said.
In the previous formal statement, Bumi's four largest creditors might participate in non preemptive rights of maximum 10% of new shares or 1.94 billion shares worth US$495.89 million. 
They are Country Forest, wholly owned by China Investment Corporation (CIC), Raiffeisen Zentralbank Osterreich, Credit Suisse (CS), and JPMorgan Chase Bank N.A. In return, it will potentially shrink BUMI's debt from US$5.92 billion to US$5.44 billion. 
According to BUMI Q1 financial report, the company booked US$1.76 billion of debt to CIC, US$80.15 million of debt to Raiffeisen, US$291.37 million of debt to Credit Suisse, and US$145.93 million to JPMorgan Chase Bank.

Disclosure: No position at the stock mentioned above.

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