Bumi Modern resumes efforts to hold rights issue

Property company PT Bumi Modern would resume efforts to raise funds through rights issue for the acquisition of shares of Gallo Oil (Jersey) Ltd in an oil field in Yemen, Bisnis Indonesia reported.

The paper said the company would hold a shareholders meeting on Feb. 15 to ask the approval of its shareholders for the rights issue plan.

Both Bumi Modern and Gallo Oil is the subsidiary of national conglomerate Bakrie Group.

Bumi Modern need Rp 97.5 trillion to buy Gallo Oil's shares.

The rights issue plan has been earlier rejected by the Stock Exchange Supervisory Board (Bapepam) for Bumi Modern's failure to meet all requirements for the right issue. (*)