Bumi has yet to obtain permit from OJK

Petromindo|Lucky

IDX-listed coal giant PT Bumi Resources Tbk has yet to obtain the required permit from the Financial Services Authority (better known as OJK) for its planned rights issue and mandatory convertible bonds, Kontan reported on Saturday.

The paper said that Bumi was supposed to have secured the permit from OJK on Friday. Nurhaida, Chief of Capital Market Oversight at OJK, said that the permit has yet to be issued as the necessary documents for the planned rights issue are not yet complete. She declined to provide details.

Bumi Director Dileep Srivastava said that the structure of the planned rights issue is quite complex, but he is confident that the permit could be obtained next week.

The company plans to launch rights issue as part of an earlier debt restructuring agreement. (*)