Bumi postpones rights issue plan
Friday, September 26 2014 - 01:14 AM WIB
IDX-listed coal giant PT Bumi Resources Tbk has decided to postpone a planned US$275 million rights issue following rising opportunity for debt payment renegotiation with creditors.
?The company saw positive opportunity for further talks with the creditors to determine the next step,? Bumi said in a filing with the Indonesia Stock Exchange on Thursday.
Bumi has total debts of $1.3 billion to China Investment Corp, which carries 12 percent interest a year. Of that amount, $600 million will mature in October this year and $700 million in October next year.
Elsewhere, Bumi said that it will pay contractors at a couple of its projects with shares from the previous rights issue. The projects include oil and gas exploration by Gallo Oil (Jersey Ltd) in Yemen, and mining exploration by PT Gorontalo Minerals in Gorontalo Province, Indonesia.
Editing by Reiner Simanjuntak