Nov 21, 2011

Bumi Citra buys Gunung Besi Utama

PT Bumi Citra Permai Tbk (BCIP) has agreed to acquire US$260 million mandatory convertible notes (MCN) issued by an iron ore producer PT Gunung Besi Utama.
Bumi Citra has entered into memorandum of understanding with Nabil Enterprises Limited, a company based on United Arab Emirates, regarding to the purchase of MCN. Gunung Besi is a company that directly and undirectly owns a producer of iron ore. To buy the MCN, Bumi Citra will use proceed from the rights issue scheduled on December 21 2011. 

Disclosure: No position at the stock mentioned above.

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