JAKARTA (Yosefardi) – The Indonesia Stock Exchange (IDX) has today halted trading in shares of giant coal miner PT Bumi Resources Tbk (BUMI) and its unit PT Bumi Resources Minerals Tbk (BMRS) following BUMI’s disclosure on debt agreement with China Investment Corporation (CIC) for unpaid principal debt of US$1.3 billion.

IDX demands further explanation to BUMI.

BUMI announced on Wednesday (Oct 9) that based on the agreement, the debt to CIC will be converted (swap) with 42% BUMI’s ownership in PT Bumi Resources Minerals Tbk (BRMS), and 19% BUMI interest in PT Kaltim Prima Coal (KPC), Indocoal Resources (Cayman) Ltd, and PT Indocoal Kaltim Resources plus BUMI new shares issue worth US$150 million.

The rest of debt, excluding principal debt, will be converted into loan with tenor of 3 years with a competitive interest rate.