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Wednesday, September 30, 2009

IDX Still Confuse with Bumi Explanation

as published in Bisnis Indonesia web page

By: Irvin Avriano

JAKARTA (bisnis.com): PT Bursa Efek Indonesia (BEI/IDX) will continue to call the management of PT Bumi Resources Tbk this week to question the form of debt issuers such bonds from China Investment Corporation (CIC) worth U.S. $ 1.9 billion (Rp19 trillion).

IDX Company Valuation Director Eddy Sugito said it still will ask the authority's stock even if the issuer has sent a letter of explanation to authorities today.

"There are some things we wanted to question because there are not clear, because it would call to ask us again," he explained to the press at the Bapepam-LK House this afternoon.

However, he refused to explain the points that will be asked to return to Bumi Resources management. Bumi Resources has today posted an answer to the question of authority that was sent earlier exchanges.

Stock Authority questioned the details and forms of debt and loans called as a debt issuer's management soft loan. The Director of the Bumi Resources Eddie J. Sobari in a letter of explanation in the stock and site IDX information disclosure, asserted that the loan transaction does not fall into the category of material transactions, as referred to in the rules of Bapepam-LK. No. IX.E.2.

Rule of Bapepam-LK No. IX.E.2. on Material Transactions and Change of Main Business is to limit the issuer transactions valued at or more than 10% of revenues or 20% equity must obtain permission from shareholders.

In that letter, the companies said agreement has signed on September 24, which confirmed the appointment of The Bank of New York Mellon as the administration agent and security agent. Bumi Resources, with a subsidiary of CIC, Country Forest Ltd, which reportedly associated with the restructuring of capital and shares of the issuer associated with Indonesia's largest coal producer.(tw)

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