Bumi Resouces plans dividend payment end of this year

Publicly listed energy-based company PT Bumi Resources hopes that the restructuring of the company's long-term debt payment will enable the company to pay dividend in the end of this this year.

The company's financial director Eddie J Soebari said in Jakarta on Tuesday that the company would soon issue bonds to refinance its long-term debts. "The debts would be paid as soon as the issuance of the bonds is completed, likely next month. From then, we will consider whether or not we will be able to pay dividend," he added.

According to Eddie, the company could not pay dividend in 2004 due to a massive financial structuring that had to be taken during the year. "We hope the payment of the long term debts would enable us to pay dividend end of this year," he said.

Bumi Resources, the majority shareholder of the country's two major coal miners PT Arutmin Indonesia and Kaltim Prima Coal, is offering bonds worth US$482 million to repay its long-term debts.

Eddie also said that the company was waiting for the government's approval about its plan to divest part of the East Kalimantan-based KPC's shares. "We have submitted the name of the bidders, and we are now waiting for the government's approval," he added. (dino)