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Bumi buys back its shares

JAKARTA: PT Bumi Resources Tbk will seek for shareholders' approval to buy back its outstanding shares at the market, after it got nod to divest its shares in PT Bumi Minerals Resources.Director & Corporate Secretary Bumi Dileep Srivastava said the company

JAKARTA: PT Bumi Resources Tbk will seek for shareholders' approval to buy back its outstanding shares at the market, after it got nod to divest its shares in PT Bumi Minerals Resources.Director & Corporate Secretary Bumi Dileep Srivastava said the company will hold an extraordinary general meeting of shareholders (EGM) in August proposing the agenda of requesting approval for divestment of stocks in PT Bumi Minerals Resources Tbk."Besides, the companys plan to buy back its shares complies with the regulation of Bapepam-LK No. IX.B.2 on share buyback," he said in an information disclosure yesterday.The management, as he added, will announce the detail of the plan and the implementation of EGM in the near future. While asked for further confirmation via telephone, Dileep did not answer the phone call.A day earlier, a joint venture company of Bakrie Group and Nathaniel Rothschild in London, Bumi Plc, announced the listing of 557,033 new shares as part of the step-up transaction in PT Bumi Resources Tbk."The listing and stock transaction was initiated on July 18," said the spokesperson of Bumi Plc Nick von Schirnding in an official statement on the company official website.With the stock listing, the number of voting shares in Bumi Plc is recorded at 157.56 million from the total issued common shares as much as 224.89 million.The status of the rest 67.33 million is Bumi's freeze voting shares.In yesterdays closing session, the stocks of the subsidiary of Bakrie Group (BUMI- coded stock) was traded up 2.52% to IDR3,050 with a market capitalization of IDR63.36 trillion.Meanwhile, until June 2011, PT Bumi Resources Minerals Tbk has spent IDR1.75 trillion or 88.73% of the total proceeds from its initial public offering (IPO) which reached to IDR2.09 trillion."Debt payment is IDR1.34 trillion, capital expenditures and working capital are IDR410.69 billion, while the companys unused fund is IDR222.67 billion," said Bumi Minerals Corporate Secretary Muhammad Sulthon in the confirmation letter to the exchange authority yesterday.The unused fund which is deposited in PT Bank Muamalat Tbk's deposit accounts is IDR57.67 billion, while it reaches IDR55 billion in the account of PT Bank Syariah Mandiri, DR50 billion in PT Bank Mega Tbk, and IDR30 billion in PT Bank Danamon Tbk and PT Bank CIMB Niaga Tbk respectively.(T03/NOM)

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