Bumi hopes to obtain rights issue permit next week

IDX-listed coal giant PT Bumi Resources Tbk is optimistic to finally obtain permit next week from the Financial Services Authority (better known as OJK) for its planned rights issue and mandatory convertible bonds.

Bumi Director Dileep Srivastava said on Friday that the permit is expected to be obtained on June 21 or 22 as the company has fulfilled the various documents and requirements including signing of a trusteed agreement with PT Bank Bukopin Tbk.

As has been previously reported, Bumi plans rights issue and mandatory convertible bonds as part of debt restructuring deal with creditors.

Meanwhile, at a shareholders meeting on Friday, Bumi added representatives from creditors including two from China Investment Corporation (CIC) and one from Argentum Funds into the company?s board of commissioners. Two representatives from CIC and one from China Development Bank have also been added to the board of directors.

Editing by Reiner Simanjuntak