JAKARTA (Yosefardi) – Investors sold off shares of giant coal miner PT Bumi Resources Tbk (BUMI) after resuming trading this morning.
At 9.58 am Jakarta time, BUMI dropped 9% to Rp173 per share with over 85 million shares exchanged hands.
Trading in BUMI was halted in September 24, 2014 as the Indonesian Stock Exchange (IDX) needs an explanation on BUMI’s rights issue program.
BUMI management then held a public presentation on Monday (October 6) to giving more explanations and the completion of the downsized rights issue.
Lower debts and higher equity might help, but investors’ focus would still be in the company’s operations and cash flow.