JAKARTA (Yosefasrdi) – Investors focused selling shares of giant coal miner PT Bumi Resources Tbk (BUMI) this morning, then the stock lost 9.68% to Rp56 per share.
BUMI ever reached Rp50 per share during July 27, 2015 to August 28, 2015, the lowest quotable price of stocks on Indonesia Stock Exchange (IDX). Year to date, BUMI has fallen 44%.
BUMI management has proposed debt restructuring expecting to get agreement in principle this month. BUMI is managed to settle US$1.2 billion debt to creditors.
BUMI proposes to convert its debt into equity making through non pre-emptive rights issue scheme. BUMI’s debt now totals US$3.98 billion while BUMI’s value reaches US$4.1 billion, equivalent Rp53-56 trillion.