Bourse urged to soon end suspension of Bumi?s stock trading

PT Bumi Resources Tbk has asked the Jakarta Stock Exchange (JSX) to end the suspension of its share trading, arguing that the company had given complete information to the bourse about its acquisition deal with the shareholders of East Kalimantan-based coalminer PT Kaltim Prima Coal (KPC), Suara Karya daily reported Wednesday.

Last Friday, Bumi sent a letter to the Capital Market Supervisory Agency (Bapepam) and JSX to convey its request, the paper quoted as saying the company?s finance director, Eddie J. Sobari.

On July 29, JSX suspended the trading of Bumi's shares on the grounds that the company had failed to give it complete information about the terms and condition and other matters related to its sales and purchase agreement to acquire 100 percent shares of KPC's shareholders, Sangatta Holding and Kalimantan Coal. They are owned by Rio Tinto and BP Plc, respectively.

Bumi and KPC's shareholders have agreed that KPC was valued at US$500 million.

Their deal had taken the government and East Kalimantan province by surprise because it came when they were in the process of acquiring 51 percent of KPC shares.

Last year, KPC formally offered 51 percent of its shares to state coalminer PT Tambang Batubara Bukit Asam (PTBA) and East Kalimantan provincial administration. The government and KPC's shareholder agreed on a US$822 valuation of the entire shares of KPC.

KPC operates a huge coalmine in East Kalimatan?s East Kutai regency. (*)