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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Bumi | LSE:BUMI | London | Ordinary Share | GB00B5BLXT62 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 235.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Thermal coal producer PT Bumi Resources (BUMI.JK) said Thursday it had agreed a loan repayment schedule in October with two firms that it had lent nearly $500 million to.
The company's statement to the Indonesia Stock Exchange comes after Nat Rothschild, who owns 11% of affiliate Bumi PLC (BUMI.LN), last week called on Bumi Resources to clean up its operations and criticized its management. The Financial Times reported that Rothschild, in a letter to Bumi Resources Chief Executive Ari Hudaya, had asked why the debt-saddled company hadn't called in the loans.
Bumi Resources said the loans were fully disclosed in Bumi PLC's prospectus for its June listing in London. The schedule for the loan repayments and the use of the proceeds was approved by Bumi PLC's Board on Oct. 12, it said.
The coal firm said it had reached an agreement with PT Recapital Asset Management on the repayment of a $231 million loan in the first half of 2012, and the early repayment of a $251 million loan to Bukit Mutiara, with half to be repaid next year and the other half in 2013. It said it would use the proceeds to reduce its debt.
Bumi said last week it had secured loans and refinanced $600 million of a $1.9 billion outstanding loan to China Investment Corp. to help manage its debt.
-By Edhi Pranasidhi, Dow Jones Newswires; 62 21. 39831277; edhi.pranasidhi@dowjones.com
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