Bumi cancels plan to list on NYSE

Publicly-listed PT Bumi Resources Tbk (Bumi) has canceled its plan for the dual listing of its shares on the New York Stock Exchange (NYSE), the Koran Tempo newspaper reported in its Wednesday edition.

?The plan was cancelled late last year,? Bumi?s corporate secretary Geroad P. Jusuf told the Tempo in Banjarmasin recently.

The dual listing plan was cancelled because it would not provide any benefits. ?It?s only a prestige,? Geroad said.

Bumi considers NYSE is not attractive because it imposes stringent rules, which may create problems for the company, like Sarbanes Oxley.

However, Geroad did not deny the speculation on Bumi?s dual listing. Market players are speculating that the Bumi may choose Australia in place of NYSE.

Geroad said Bumi is looking for a stock exchange that is flexible and suitable for the company like Singapore. ?But there is no decision yet,? he said. (*)