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Friday, December 4, 2009

Secondary offering revised regulation to be deliberated: Bumi to invest in Recapital

as published in Bisnis Indonesia daily newspaper
Friday, 04/12/2009 00:00 WIB
Secondary offering revised regulation to be deliberated
Bumi to invest in Recapital

JAKARTA: Bapepam-LK plans to issue revised regulation on the secondary offering up to 10 percent of the rights issue at maximum next week.

The revision of regulation No. IX.D.4 is deemed more flexible than the former one allowing public company to have rights issue without rights of 5 percent shares at maximum.

Responding to the issuance of revised regulation, Director of PT Bumi Resources Tbk Eddie Junianto Soebari said so far the company has not formulated yet the plan.

"We could not respond to press news coverage. Based on the policy, we don't want to step forward ahead of regulator policy. So, just wait for our public expose," he said.

Bumi has 19.4 billion shares with full participation and placement. With the new revised regulation, the coal firm that has just attained US$1.9 billion loan from China Investment Corporation (CIC) has opportunity to issue a maximum of 1.94 billion new shares (not 19.4 billion shares as reported in November 2 edition ).

Would it be executed, CIC could acquire 1.94 billion Bumi new stocks and thus the fresh cash injection could be allotted for Bumi debt payment.

Separately, chief of Bapepam-LK Ahmad Fuad Rahmany claimed to have implemented rule making rule process including feedback from market players since the past few months.

"Hopefully it could be issued next week. yesterday I saw it again. This week we asked fro the final draft to the legal consultant, AEI [the Indonesian Association of Emitters) and others I have not signed."

The new regulation is simpler in stipulating requirements to shareholder prior to the general meeting of shareholders (GMS) agenda.

Bumi as the largest coal company in Indonesia under Bakrie Group, will invest in Recapital to manage exclusive marketing of a coal firm expecting to tap at least 25 percent profit.

Without further details, Bumi claimed the investment will be done in the near future. When asked whether the investment deals with the acquisition of PT Berau Coal, the coal firm with production capacity of 20 million tons per year, Finance Director of Bumi Andrew Beckham admitted it.

But, so far the divestment transaction of Berau shares from Rizal Risjad as the owner is not finalized yet. "It is not final yet. We are still discussing (about investment in Recapital). We will talk about the strategy if it (Berau acquisition transaction) is final. We surely announce it promptly to the regulator when finished."

On the other side, Bumi allocate investment funding and acquisition worth totally US$1.27 billion from US$3.17 billion gained by the company in four months since August. (Bisnis/pul/21)

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