Bumi to get fresh funds to cut debts

IDX-listed coal mining giant PT Bumi Resources will issue new shares that represent 7.06 percent of its entire shares to strategic investor to raise US$360 million by the end of this month.

Director and Corporate Secretary Dileep Srivastava was quoted by media as saying that proceed from the placement will be used to cut debt level. Bumi is planning to reduce debts by $1 billion and is targeting to pay $800 million of debts this year alone.

Dileep did not disclose who the strategic investor is. (*)