Bumi announces the first deleveraging move ? Revive non preemptive issue

(Jakarta, 25 May 2010)--PT Bumi Resources Tbk. announced yesterday that it has revived its intent to issue non preemptive shares and added this to the agenda to be included in its upcoming Extraordinary Meeting of Shareholders which is now due to be held on June 24, 2010.

"We submitted the agenda yesterday to the regulators. Essentially, this is the first step in a series of debt-cutting moves to take place over the next 12 months, as we have earlier announced to the market and the public at large," says Dileep Srivastava, BUMI Senior Vice President of Investor Relations.

As per regulation, the non-preemptive issue allows the company to issue new shares to a maximum of 10 percent of the total outstanding shares of the company with price at an average of previous 25-day trading closing price before the announcement date.

?We categorically reject the continuing wild media speculation of an impending rights issue by the company. We have never had any such plan nor is there an intent to do so? added Dileep, ?We draw attention again to our media release dated 27 Jan 2010 cautioning our investment fraternity not to heed the wild speculation and rumors about our company but are encouraged to contact the company direct for facts?.

The non-preemptive issue was earlier announced in December 2009 last year, but was later postponed due to the prevailing market environment. This has now been revived in view of an improved environment and investor interest.

"This deleveraging move will strengthen the company's fundamentals and serve to increase shareholders? value, BUMI?s strategic intent is to reduce debt by around USD1 billion in the next 12 months?. (end of release)