JAKARTA (Yosefardi) – Shares of coking coal producer Borneo Lumbung Energi & MEtal (BORN) plummeted 13% this morning after more than one week of trading suspension.
More than 20 million shares exchanged hands as the stock dropped 13% to Rp335 Thursday (July 11) morning. BORN even dropped as much as 18% to Rp315, but then cut its losses.
BORN suffered over US$500 million of net loss last year due to share of losses from its 23.8% interest in Bumi Plc.
BORN, controlled by Samin Tan, invested US$1 billion to acquire Bumi Plc shares with financing from Standard Chartered Bank.