JAKARTA (Yosefardi) – Investors focused selling shares of giant coal miner PT Bumi Resources Tbk (BUMI) this morning, dragging down the stock by 3.4%.
At 9.41 am Jakarta time, BUMI was traded at Rp167 per share with over 98 million shares exchanged hands. Â Bloomberg reported BUMI will say on Friday whether bondholders are letting it repay $375 million of notes within seven years instead of seven weeks.
A deadline for holders of the Indonesian coal miner’s 9.25 percent convertible bonds to agree amendments to the debt or let the company default passed on Wednesday (June 18), according to a memorandum. The result will be known after a bondholders meeting on June 20.
Other coal stock Adaro Energy declined 1.19% while Bumi Resources Minerals gained 1.28%. Crisis in Iraq, which lifted crude oil price, failed to boost sentiment toward coal sector.