JSX, SSX suspend Bumi trading due to private placement plans

The Jakarta Stock Exchange (JSX) and Surabaya Stock Exchange (SSX) suspended the trading of PT Bumi Resources Tbk's shares on Friday following plans by two major shareholders to sell their stake, Bisnis Indonesia and Investor Indonesia newspapers reported in their Saturday edition.

The bourses took the action after being notified by Bumi about the private placement plan by Long Haul Holding and Minarak Labuan. Bumi is the owner of the country's giant coalmines PT Kaltim Prima Coal (KPC) in East Kalimantan and PT Arutmin Indonesia in South Kalimantan.

?Shareholders (of Bumi) Long Haul Holding and Minarak Labuan have plans to offer a total of 9.3 percent stake or 1.8 billion shares to foreign investors from Europe, Asia and America," BUMI?s director of finance Eddie J. Soebari told Bisnis on Friday in Jakarta.

PT BNP Paribas Peregrine will work as a private placement agent.

However, Eddie did not disclose the value of the private placement.

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. (*)