Update: JSX suspends trading of Bumi Resources shares
Bumi Resources wants clarification
Tuesday, July 29 2003 - 09:34 AM WIB
PT Bumi Resources, which is in the process of buying coal mining firm PT Kaltim Prima Coal (KPC), will on Wednesday ask the Jakarta Stock Exchange (JSX) management why it had suspended the trading of Bumi shares.
?We can not understand why they did it. We will ask them to clarify their desicion,? Bumi?s finance director Edi Sobari told Petromindo.Com.
JSX on Tuesday (today) suspended the trading of Bumi shares allegedly due to its failure to give to the bourse complete explanation about its acquisition of KPC. The bourse said Bumi had not yet given them complete information about the terms and condition in its sales and purchase agreement with KPC shareholders Rio Tinto and BP Plc.
JSX said Bumi share trading could resume after further announcement from it.
Bumi is in the process to acquire 100 percent shares in KPC for US$500 million. (godang)