Bumi Plc, London-based company, has agreed to issue 11.74 million voting ordinary shares to purchase 676.65 million shares in PT Bumi Resources Tbk (BUMI) or 3.3%.
In an official statement filed to London Stock Exchange on June 30, the additional shares swap is part of a step-up transactions.Following the shares swap, Bumi Plc's shareholding in BUMI will increase to 32.1% from 28.9%. Assuming to Bumi Plc's closing price at 11.35 pound sterling on July 4, the shares swap equal to Rp2,689 per share BUMI.
Disclosure: No position at the stock mentioned above.
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