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Friday, August 12, 2011

BUMI will hand over BRMS

BI/market
11/8/2011
Irvin Avriano A.

BUMI will hand over BRMS

JAKARTA: Giant coal emitters owned by Bakrie Family Group, PT Bumi Resources Tbk, declare their intentions to hand over shares of its subsidiary: PT Bumi Resources Minerals Tbk.

The matter was disclosed in their official letter to Indonesia Stock Exchange (IDX/Bursa Efek Indonesia) last night, related to their extraordinary general meeting of shareholders (EGM/RUPSLB)'s agenda.

Bumi Resources Director & Corporate Secretary Dileep Srivastava in the statement didn't explain more details about the disbursement, including the cause, the amount of shares that will sold, or the relation with the Vallar Plc (Bumi Plc) intention to take over Bumi Minerals.

He said the company also intend to ask permission from its shareholders to buyback its shares in secondary market, and also one other agenda.

"[The company intend to ask] permission to change several articles in the company charter," said Dileep in the disclosure.

The company's EGM planned to be held on Monday, September 26th at 10.00.

Company's stock price that coded BUMI closed stagnant at IDR2,700 level which formed its market capitalization IDR56.09 trillion. The price also formed its price to earnings ratio (PER) of 18.78 times.

Bumi Minerals shares that coded BRMS corrected IDR20 or 2.82% to IDR690 level and forms market capitalization IDR17.64 trillion. Its also formed the company's PER 1.58 times.

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