Dec 1, 2010

US$416 million cash goes to BUMI

Despite a drop net income in September's performance, Indonesia's largest thermal coal exporter PT Bumi Resources Tbk (BUMI) has just obtained some cash from several parties.

US$300 million from Bukit Mutiara:
As reported by a local newspaper, Bumi has just obtained US$200 million cash as debt payment from PT Bukit Mutiara, controlling shareholder at PT Berau Coal Energy Tbk (BRAU).
Rosan P. Roeslani, BRAU CEO, said Bukit Mutiara has paid its US$200 million debt to Bumi. "We will pay the remaining," he said. In 2009, Bumi lent US$300 million to Bukit Mutiara as one of source financing to acquire 90% holding in parent company of PT Berau Coal.

US$116 million from investment redemption:
On November 22, 2010, Calipso Investment Pte. Ltd. (Calipso), subsidiary of BUMI, withdrew all
its short-term investment managed by PT Henan Putihrai Asset Management. The proceed of US$116.8 million net of the management and custodian fees has been received. 
Calipto entered into a discretionary fund agreement with Henan Putihrai on June 9 2010. Henan agreed to manage US$113 million.

Disclosure: No position at the stock mentioned above. 

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