JSX, SSX lift suspension on Bumi shares

The Jakarta Stock Exchange (JSX) and Surabaya Stock Exchange (SSX) have lifted their suspension on PT Bumi Resources Tbk shares on Monday, Investor Indonesia newspaper reported in its Tuesday edition.

Both the stock exchanges suspended the trading of BUMI?s shares on Friday following plans by two of its major shareholders -- Long Haul Holding and Minarak Labuan -- to sell their stake.

?JSX has allowed the trading of Bumi Resources? shares, because the company has complied with the JSX ?s request by submitting an explanation. The suspension has been lifted on January 19, 2004 at 1:30 p.m., beginning of the second session,? JSX?s head of real sector?s listing Yose Rizal told Investor on Monday in Jakarta.

Bumi?s director Eddie J. Sobari, meanwhile, said in a statement submitted to the JSX on Monday that Long Haul and Minarak sold 9.3 percent Bumi?s shares through private placement at a price of Rp 397 each to several foreign institutions based in Asia, U.S. and Europe.

Around 1.8 billion Bumi shares were sold for Rp 714.6 billion (1$=Rp8,400).

Eddie has also promised that there will not be any divestment in the coming next three months.

PT BNP Paribas Peregrine worked as a private placement agent.

In December 2003, Long Haul sold 5.15 percent or 1 billion shares of Bumi to foreign investors. After the sale of 5.15 percent stake, Long Haul still has 55.28 percent ownership in the company.

Bumi is the owner of East Kalimantan-based coal producer Kaltim Prima Coal (KPC). (*)