so el what do you think of bumi? 1% of my bumi holding stuck hehheheh iseng
iseng berhadiah sy simpen buat anak
level buy previous lowest 640 or lower 500??
Vincent Chase <chase.vinc...@yahoo.com> wrote: no
prob coz u dont have bumi or u want to collect more?
Elaine Sui <elainesu...@gmail.com> wrote:
No problem at all.
Elaine
On Wed, Jan 7, 2009 at 10:19 AM, adjies2000 <ad2...@cbn.net.id> wrote:
Dear Elaine, Pls commment
pagi ini rontok diabwah 800...Dewa menyusul ....any comment ?
Salam
============================================================
Our Comment (Kim Eng)
Yesterday Bumi Resources sent a letter to Indonesian Stock Exchange
reporting that, through a subsidiary Bumi Resources Investment, it has
signed a Sales and Purchase Agreement with Ancara Properties Limited
(SPA). Our understanding of the transaction included in the SPA:
Bumi purchases 76.9% stake in Leap Forward Finance Limited from
Ancara. Leap Forward Finance Limited owns 98.5% PT Fajar Bumi Sakti
(FBS). The estimate transaction value is Rp2.5t. The letter says
that the transaction is not material and bears no conflict of
interest. We found a company call Fajar Bumi Sakti on the internet
(www.fajarbumisakti.co.id). According to the website and to
Bloomberg, the company shares the same address and some members of
management/key personnel with Bumi Resources. No further details are
available. We are contacting the management on the above issue.
According to the website, FBS owns two coal concessions in Tabang,
East Kalimantan with reserve of 100m tons and another small mine 988ha
concession in Loa Ulung Tenggarong, East Kalimantan with reserves of
14m tons. Assuming that FBS only owns these concessions, the
acquisition value is high US$2.6/ton reserves compared to Bumi
valuation of US$0.93/ton reserves. Based on the reserves we do not
see the acquisition to add value for Bumi Resources. The acquisition
raised concerns over good corporate governance. We are revising down
our previous target price of Rp1,130 and recommend SELL on the counter.
The board of Indonesian Central Bank governors will meet today.
Speculation arises that the board will cut rate.
Katarina Setiawan
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