JSX lifts BUMI suspension

The Jakarta Stock Exchange (JSX) announced Wednesday it would lift PT. Bumi Resources (BUMI) share-trading suspension on after JSX considered BUMI had given sufficient explanation for the steep increase of its share price.

JSX said in a statement that trading of BUMI shares would resume on December 10 second trading session.

BUMI?s shares were suspended from trading on Tuesday because JSX considered the company did not fully disclose ?material transaction? which caused the company?s share price to fluctuate significantly. BUMI?s share price had increased from Rp 185 early last week to Rp 285 prior to the suspension, with foreign securities buying heavily.

BUMI in its explanation to JSX query said that the reason for the steep increase in the company?s share price was due to the fact that the company had held meetings with foreign investors on December 2-5 explaining the company?s future after the acquisition of PT Kalimantan Prima Coal (KPC) from BP Plc and Rio Tinto. The company suggested that foreign investors were convinced about the company?s prospect and began to buy company?s shares, which caused price to increase significantly. (alex)