JSX withdraws trading suspension on Bumi

The Jakarta Stock Exchange (JSX) announced Wednesday that it had decided to allow PT Bumi Resources to recommence trading today (Wednesday) after it was suspended due to the lack of information on its acqusition deal with the shareholders of East Kalimantan-based coal producer PT Kaltim Prima Coal.

On July 29, JSX suspended Bumi?s share trading, demanding the firm to hold public expose to explain the deal and disclose the details of the sales and purchase agreement to the public through the media.

However, after the resumption of its share trading, the bourse said, Bumi should submit a progress report on the acquisition to the bourse every week until the acquisition process is completed in October as scheduled.

Last month, KPC's shareholders, Rio Tinto and BP PLC, announced that they had clinched a deal with Bumi, allowing the lattter to buy the entire shares held by the former in KPC. The deal suprised many parties as it came when state coalminer PT Bukit Asam and East Kalimantan were in talks with KPC's shareholders to acquire 51 percent shares in the firm. (robert)