Nov 22, 2010

Bumi Minerals to hold non-preemptive

PT Bumi Resources Tbk (BUMI), Indonesia's largest thermal coal exporter, intends to pay US$600 million debt next year.
Nirwan D. Bakrie, owner of Bakrie Group, said Bumi will get money from non-preemptive rights at its non-coal subsidiary PT Bumi Resources Minerals Tbk.
"If the market condition is intact, we will hold non-preemptive rights at Bumi Minerals and China Investment Corporation [CIC] will absorb the new shares with assumption that BRM can prove gold and copper reserves," he said as reported by today.
However, if the market is unfavorable, BRM might be partly disposed to strategic investor.
Bumi Resources plans to drg down its debts of US$800 million to US$2.4 billion in 2011. About US$600 million debt to CIC will mature in October 2011.

Disclosure: No position at the stock mentioned above.  

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