BUMI Coal Company Owned By Conglomerate Bakrie Family Wants Private Placement 34.49 Billion Shares Worth Rp2.51 Trillion

Illustration. (Photo: Pixabay)

JAKARTA - The coal company owned by the Bakrie conglomerate family, PT Bumi Resources Tbk (BUMI) is preparing to carry out a Capital Increase Without Pre-emptive Rights (PMTHMETD), in order to improve its financial position.

In the disclosure of company information on the Indonesia Stock Exchange (IDX, quoted on Friday, February 11), BUMI will be held at an exercise price of IDR 73 per share.

"The price is the conversion price for Mandatory Convertible Bonds (OWK) that applies to the exercise of the conversion rights of the OWK," explained the management.

The PMTHMETD exercise price has also been determined in accordance with the Trustee Agreement and the prevailing laws and regulations in the capital market, namely Rule Number 1-A concerning Listing of Shares and Equity Securities Other than Shares Issued by the Listed Company, Attachment II to Decision of the Board of Directors of the Indonesia Stock Exchange No. Kep-00101/BEI/12-2021 dated December 21, 2021.

After the PMTHMETD implementation, BUMI will issue new shares with a total of 34,498,048,045 or 34.49 billion Series C shares. Thus, the funds from this corporate action will reach Rp. 2.51 trillion.

BUMI's total issued and paid-up capital will increase from 74,274,746,007 shares divided into 20.77 billion Series A shares and 53.50 Series B shares, to 108.77 billion shares divided into 20.77 billion Series A shares, 53 .50 Series B shares, and 34.49 billion Series C shares.

Meanwhile, the implementation of the PMTHMETD will be on February 17, 2022 and the notification of the results of the PMTHMETD will be held on February 21, 2022.

"All the new shares that will be issued in the PMTHMETD will be taken up by the relevant OWK holders in the context of implementing the conversion rights of the OWK," explained BUMI's management.