LONDON (Indonesia Today) – PT Bumi Resources (BUMI) Tbk has informed Bumi Plc, owner of 29.2% shares in BUMI, that Recapital Aset Management yet to return US$231 million funds as scheduled.
“Repayment on August 27 2012 to Bumi Resources by PT Recapital Asset Management, an investment fund management group, of $231 million that was invested with Recapital did not take place and that discussions are ongoing between Bumi Resources and Recapital regarding a new repayment schedule,” Bumi Plc informed London Stock Exchange Tuesday (August 28).
Bumi Plc shares dropped 5% following the announcement. Like BUMI, Bumi Plc has lost 62% its value year-to-date.
The initial plan was to return the funds by the first half of 2012. Recapital is a fund management company controlled by Rossan P Roeslani, Sandiaga Salahuddin Uno, and E Ramli.