JAKARTA - The coal mining company belonging to the Bakrie conglomerate family, PT Bumi Resources Tbk (BUMI), has just arrived at Watiga Trust as the largest shareholder.
Watiga Trust itself is an entity that has become a shareholder with ownership of more than 5 percent for several issuers. Watiga Trust is a 14.03 percent shareholder of PT Jaya Real Property Tbk (JRPT) until June 3, 2020.
Watiga Trust is also the holder of 25.53 percent of PT Trikomsel Oke Tbk (TRIO) shares. Watiga Trust's latest stock portfolio is in Bumi Resources (BUMI).
Watiga Trust is the holder of 5.99 percent or equivalent to about 7.71 billion BUMI shares as of June 3, 2022. However, it is not yet known at what price level Watiga Trust bought BUMI's shares.
Watiga Trust is a trust company regulated by the Monetary Authority of Singapore. The Singapore-based company was founded by Matt Richards.
For information, BUMI recorded a decline in production in the first quarter of this year, compared to the previous year. However, the company's performance was supported by the increase in coal prices.
Based on the company's financial reports, BUMI recorded coal production of 16.3 million tons in the first quarter of 2022. This number is 16 percent lower than the same period in the previous year of 19.3 million tons and lower than the company's target of 18 million tons.
"Heavy rains and the La Nina effect in the mining area resulted in a 16 percent decline in the Company's production in the first quarter of 2022," said Bumi Resource Director and Corporate Secretary Dileep Srivastava in an official statement, Wednesday 1 June.
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