Mar 4, 2011

Bakrie transfers Bumi shares to Vallar

After 10 times crossing transactions via seven brokerage, as much as 10.38 million lots of shares or 5.19 billion shares of PT Bumi Resources Tbk (BUMI-coded stock) successfully transferred to Vallar Plc at 02:02 pm.
Based on data of Indonesia Stock Exchange, J.P Morgan Securities bought 5.19 billion shares or 25% of BUMI shares. Credit Suisse Securities is the selling brokerage of this action.
The number of shares that change hands is equal with 25% of BUMI shares which transferred by PT Bakrie & Brothers Tbk (BNBR) and Long Haul, a company owned by Bakrie, to Vallar Plc at a price of Rp2,500 per share.
“With crossing share transaction, Bakrie Group has fulfilled its commitment to finalize the transaction today,” said one of the market players who are close to the matter. BUMI climbed 0.81% to Rp3,100 per share in this afternoon.

Disclosure: No position at the stock mentioned above.

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