Oct 8, 2010

Glencore, RZB, CS own 11.25% BUMI

Stellar commodities trading company Glencore International AG, Raiffeisen Zentralbank Oesterreich AG Singapore Branch (RZB) S/A Moorefields Investments Ltd, and Credit Suisse International (CS) have officially held 4.66%, 3.66%, and 2.93% stakes respectively in PT Bumi Resources Tbk (BUMI) as of October 5 2010.
In a formal announcement regarding on material transaction published by BUMI today, RZB and Credit Suisse International own Bumi stakes after they confirmed to participate non preemptive rights of 7.06% stake or 1.37 billion new shares.
In line with non preemptive rights, BUMI also issued US$700 million guaranteed senior secured notes with 10.75% annual coupon maturing in 2017.
Based on proforma financial report, assuming the notes were issued on June 30 2010, BUMI's first half 2010 net profit would decrease US$14.07 million from US$134.58 million to US$120.50 million or 10.46%.
This is because a rise on interest and financial charges of US$14.07 million from US$257.44 million to US$271.52 million   

Disclosure: No position at the stock mentioned above.

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