Borneo Energi sets aside Rp650b for share buyback
Tuesday, November 15 2011 - 08:22 AM WIB
PT Borneo Lumbung Energi & Metal Tbk, a coking coal producer, said it has set aside Rp650 billion funds to buy back its shares from the public at a maximum of 707.72 million shares or equal to 4 percent of the company?s outstanding shares.
The share buyback is expected to help drive up the company?s share price. The share buyback will be coordinated by state owned brokerage house PT Danareksa Sekuritas.
The exercise is pending approval of shareholders meeting scheduled on December 15. The buyback is planned to be realized within 18 months from the time of the shareholders approval.
The company said based on September 2011 data, its proven reserves stood at 69.1 million tons, probable reserves at 62.8 million tons and estimated total reserves based on Joint Ore Reserve Committee (JORC) stood at 319.8 million tons. (romel/roffie)