Bumi Resources fails to divest KPC and Arutmin
Friday, August 25 2006 - 02:58 AM WIB
JSX?s president director Erry Firmansyah said in Jakarta that Bumi Resources? share trading had been temporarily suspended because as of Thursday morning, its corporate plans remained uncertain.
Following a meeting with the management of Bumi Resources, the bourse said that Bumi Resources had dropped its plan to sell its subsidiaries PT KPC and PT Arutmin to PT Borneo Lumbung Energi because the prospective buyer had difficulty finding loan.
Under its corporate plan, Bumi Resources plans to divest its 95 percent shares in PT KPC and 99.99 percent in PT Arutmin. The company also plans to divest its 99.99 percent shares in PT Indocoal Kalsel Resources, and 100 percent shares in Indocoal Resources (Cayman) Limited.
Bumi Resources and Borneo Lumbung Energi failed to close the transaction scheduled for end of June of this year, forcing Bumi Resources to delay the company?s extraordinary general shareholding meeting, which would discuss its merger plan with PT Energi Mega Persada Tbk (EMP), until end of September.
According to the JSX, Bumi Resources had no certainty in other corporate plans, including its plan to merge with EMP. ?The company has yet to decide when it will distribute its dividends to shareholders,? he said, adding that the company?s plan to buy back the shares in Bumi Resources also remained unclear. (denny)